ICICIdirect.com's research report on currency
Forex (USD/INR)
The rupee recovered on Tuesday from its biggest daily fall in two weeks in the previous session, mirroring a recovery in Asian currencies after risk sentiment improved on signs of easing tensions over Ukraine
The Indian currency ended the day at 61.845, up 0.31 percent from the previous session’s close of 62.04
The dollar index against six major currencies was at 80.16, up 0.13 percent from its previous close of 80.057
USD/INR derivatives strategy: Buy March contract
In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.20. The February contract open interest was down 6.7 percent from the previous day
The April contract open interest was up 16.4 percent from the previous day
We expect the US dollar to find buying support on declines against the INR. Utilise declines in the USD/INR March contract to buy.
Intra-day strategy
| USD/ INR Mar futures contract (NSE) | View: Bullish on USD |
| Buy USDINR in the range of 61.94-62.04 | Market Lot: USD1000 |
| Target: 62.18-62.35 | Stop Loss: 61.84 |
| Support: S1/ S2: 62.05/61.85 | Resistance: R1/R2:62.35/62.55 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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