Sell USDINR; target of 63.80 - 63.75: ICICI Direct
According to ICICI Direct expect the USD to meet supply pressure at higher levels. Utilise up sides to go short on the USDINR pair.
ICICI Direct 's research report on currency
Government bon ds were little changed after state debt auctions, even as the market braces for more supply of debt later this week The GoI benchmark 6.79 % 202 7 bond yield was unchanged at 6. 4 6 % in the previous session Yield on the US 10 - y ear rose to 2.2 6 % from 2. 25 % in the previous session.
The rupee rose vs. the US$, as some Federal Reserve officials favoured holding rates at current levels amid signs of subdued inflation in US US$ posted mild gains against major currencies on the back of sharp profit booking in Euro and British pound. Risk escalation and war rhetoric between the US President and the North Korean leader weighed on risk sentiment. Japanese Yen rose sharply against all majors on the back of a sharp spike in safe haven demand. US$ will track developments in Korean peninsula ahead of Fed official’s speeches this week.
In the currency futures market, the most traded dollar - rupee August contract on the NSE ended at 6 3. 80. The August contract open interest declined 13.18 % from the previous day September contract open interest increased 3.92 % in the previous session We expect the US$ to meet supply pressure at higher levels. Utilise up sides to go short on the US$INR pair.Intra-day strategy
|US$INR August futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 63.97 - 64.07||Market Lot: US$1000|
|Target: 63.80 / 63.75||Stop Loss: 64.17|
|S1/ S2: 63.80 / 63.70||R1/R2:64.00 /64.20|
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.