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Jan 11, 2018 11:43 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 63.90 - 63.95: ICICI Direct

ICICI Direct expects USD to find support at lower levels. Utilise the down side in the pair to go long on the USDINR,

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ICICI Direct's currency report on USDINR


Debt market
Government bonds tumbled, with the benchmark yield at a more - than - 18 - month high, tracking overnight gains in the US, treasury yields and higher global crude oil prices• The GoI benchmark 6.79 % 2027 bond yield declined to 7. 26 % from 7.37 % in the previous session • Yield on the US 10 - year benchmark bond rose to 2.56 % from 2.55 % in the previous session.


Forex (US$/INR)
The rupee snapped a two - day losing streak, as  the  US$ tripped against  major currencies helping  the  rupee offset losses on the back of oil - related and fiscal slippage concerns • The  US$ lost some of its gains made in  the  previous session as a recovery in  the  Euro and sustained gains in JPY weighed on  the US$. JGB yields have spiked to 0.09% as reports showed BoJ has reduced some of its bond buying quantum, which markets have induced as an initiation of QE tapering.


Strategy
In the currency futures market, the near month dollar - rupee January contract on the NSE was at 63.74 . The January contract open interest declined 5.45 % from the previous day • February contract US$INR ended at 6 3.94. Open interest increased 8.70 % in the previous session • We expect the US$ to find support at lower levels. Utilise the down side in the pair to go long on the US$INR.


Intra-day strategy

US$INR January futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 63.64 - 63.70Market Lot: US$1000
Target: 63.90 / 63.95Stop Loss: 63.53
SupportResistance
S1/ S2: 63.55 / 63.45R1/R2:63.85 /63.95

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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