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Jan 05, 2018 11:03 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 63.40 - 63.35: ICICI Direct

ICICI Direct expects USD to meet resistance at higher levels. Utilise the up side in the pair to go short on the USDINR.

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ICICI Direct's currency report on USDINR


Debt market

Government bonds fell, as an additional market borrowing plan and  rising crude oil prices continued to hurt  the  mood, even as traders awaited  the  auction of the new 10 - year note today • The GoI benchmark  6.79 % 2027 bond  yield rose to 7.33 % from 7.32 % in the previous session • Yield on  the  US 10 - year benchmark bond was steady at 2.4 5 % in  the  previous session.

Forex (US$/INR)

The rupee rose to a near 30 - month high against the US$, shrugging off a likely central bank intervention, as a strong Euro amid higher quota for  FIIs in corporate bonds • The  US$ is headed for  a fourth straight week of losses even as major  currencies continue to enjoy the dollar weakness. However, the JPY lost yesterday against the US$ while the euro continued to gain against most currencies. Today’s employment data holds cue s for the US$, as a lower reading could further fire the Euro.

Strategy
In the currency futures market, the near month dollar - rupee January contract on the NSE was at 63.56. The January contract open interest increased 2. 01 % from the previous day • February contract US$INR ended at 63.76. Open interest increased 4.01 % in the previous session • We expect the US$ 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 63.53 - 63.61Market Lot: US$1000
Target: 63.40 / 63.35Stop Loss: 63.73
SupportResistance
S1/ S2: 63.45 / 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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