Expect USD to attract buying against INR: ICICIdirect.com
Published on Wed, Feb 08, 2012 at 09:10 | Source : Moneycontrol.com
Updated at Wed, Feb 08, 2012 at 13:32
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Expect USD to attract buying against INR: ICICIdirect.com
ICICIdirect.com has come out with its report on currency. According to the research firm one can utilise the lows in the USDINR February contract to buy.
ICICIdirect.com has come out with its report on currency. According to the research firm one can utilise the lows in the USDINR February contract to buy.
Forex (US$/INR): INR weakens • The Indian rupee fell in volatile trade on Tuesday as oil importers demand for the greenback and a negative local share market offset comfort from dollar inflows • The INR ended at 49.19/20 per dollar, weakening by 0.3% over the previous day's closing of 49.05/06 per dollar • The dollar index against six major currencies was down by 0.65% at 78.6 on Tuesday • On February 7, 2012, FIIs bought (net) Indian shares worth US$226.9 million. For the current month to date, FIIs bought US$1412.6 million while for the year FIIs bought US$3450 million
Derivatives strategy: Buy February contract • In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 49.45. The US$/INR February open interest was down by 10.7% • The March contract witnessed an increase in open interest by 3.7% • We expect the US dollar to attract some buying on declines against the INR. Utilise the lows in the US$/INR February contract to buy
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