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Jan 10, 2018 11:57 AM IST | Source: CNBC-TV18

Buy USDINR; target of 63.95 - 64.05: 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 fell for a second session as higher crude oil prices raised the possibility of inflation gaining pace over the coming months • The GoI benchmark 6.79 % 202 7 bond yield rose to 7. 3 7 % from 7. 34 % in the previous session • Yield on the US 10 - year benchmark bond rose to 2. 55 % from 2.48% in the previous session.

Forex (US$/INR)

The rupee fell for a second consecutive session against the US$ in a  choppy session as oil - related concerns out weighed likely foreign fund  inflows in the backdrop of  a  strong dollar against major currencies • The  US$ is on the revival path  for a  few sessions due to sharp gains  against  the  Euro . However, some of this w as countered by losses against JPY. Lower quantum of bond buying by BoJ has raised expectations of whether BoJ has quietly initiated lowering QE.  The Italian election and Catalonia secession risks are weighing on the Euro.

Strategy
In the currency futures market, the near month dollar - rupee January contract on the NSE was at 63. 85. The January contract open interest declined 4.08 % from the previous day • February contract US$INR ended at 64.05. Open interest increased 5. 48 % in the previous session • We expect the US$ 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 63.70 - 63.78Market Lot: US$1000
Target: 63.95 / 64.05Stop Loss: 63.59
SupportResistance
S1/ S2: 63.75 / 63.65R1/R2:63.90 /64.10

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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