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Jan 08, 2018 11:18 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 63.40 - 63.35: ICICI Direct

ICICI Direct expects US$ to meet resistance at higher levels. Utilise the up side in the pair to go short on the US$INR.

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ICICI Direct's currency report on USDINR


Debt market

Government bonds rose as new 10 - year bond started trading while the government sold less debt than planned. S ale of sovereign debt quotas for foreign investors by state administration would remain in focus • The GoI benchmark 6.79 % 2027 bond yield declined to 7. 29 % from 7.33 % in the previous session • Yield on the US 10 - year benchmark bond rose to 2.4 8 % from 2.45% in the previous session.

Forex (US$/INR)

The rupee logged its biggest weekly rise in five months against the  dollar, helped by foreign fund inflows and a broad US$ weakness • US$ rose slightly against major currencies as Euro witnessed profit  booking while slightly higher US December manufacturing payrolls data  supported dollar gains. December non - farm payrolls were lower at 148000 against previously 1 90000 rolls. JPY continue to lo se against most majors as divergent monetary policies le d to JPY being dumped while waning risk concerns could see further weakness in JPY.

Strategy
In the currency futures market, the near month dollar - rupee January contract on the NSE was at 63. 52. The January contract open interest declined 5.64 % from the previous day • February contract US$INR ended at 6 3. 72. Open interest increased 2.21 % in the previous session • We expect the US$ to meet resistance at higher levels. Utilise the up side in the pair to go short on the US$INR.

Intra-day strategy

US$INR January futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 63.60 - 63.65Market Lot: US$1000
arget: 63.40 / 63.35Stop Loss: 63.78
SupportResistance
S1/ S2: 63.50 / 63.35R1/R2:63.65 /63.75

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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