Sell USDINR; target of 67.95 - 67.75 ICICI Direct

ICICI Direct expects USD to meet resistance at higher levels. Utilise upsides in the dollar to go short on the USDINR. Sell January Futures with a target of 67.95 - 67.75.
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Home » News » Brokerage Recos - Currencies

Jan 12, 2017, 11.10 AM | Source: Moneycontrol.com

Sell USDINR; target of 67.95 - 67.75 ICICI Direct

ICICI Direct expects USD to meet resistance at higher levels. Utilise upsides in the dollar to go short on the USDINR. Sell January Futures with a target of 67.95 - 67.75.

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Sell USDINR; target of 67.95 - 67.75 ICICI Direct

ICICI Direct expects USD to meet resistance at higher levels. Utilise upsides in the dollar to go short on the USDINR. Sell January Futures with a target of 67.95 - 67.75.

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ICICI Direct's report on currency

Debt market  
Government bonds were little changed for a second day, as caution  ahead of US President-elect Donald Trump’s news conference weighed on investor appetite  • The benchmark 6.97% 2026 bond yield fell to 6.39% from 6.40% the previous day • Yield on the US 10-year yield fell to 2.37% from 2.38% on Wednesday as investors unwound some trades base d on US presidential election results.

Forex (US$/INR)  
The rupee fell to a more-than-one-w eek low against the dollar, amid caution ahead of a press conference by US President-elect Donald Trump  • The US dollar index pared gains against major currencies as dollar bulls were disappointed as President-elect Donald trump said little about fiscal poilcy. Investors awaited cues on economic stimulus spending, which  led to unwinding in Trump win wagers. Japanese Yen gained sharply as the pair was among the highest losers in major currencies against US$.

US$/INR derivatives strategy  
In the currency futures market, the most traded dollar-rupee January contract on the NSE ended at 68.49. The January contract open interest rose by 16.95% from the previous day  • February contract open interest rose 3.67% from previous day • We expect the US$ to meet resistance at higher levels. Utilise upsides in  the dollar to go short on the US$INR pair. 

Intra-day strategy
US$INR January futures contract (NSE) View: Bearish on US$INR
Sell US$INR in the range of 68.25 - 68.35 Market Lot: US$1000
Target: 67.95/ 67.75 Stop Loss: 68.50
Support Resistance
S1/ S2: 68.00 / 67.80 R1/R2:68.50/68.70







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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Sell USDINR; target of 67.95 - 67.75 ICICI Direct

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