Moneycontrol
Jan 30, 2018 11:29 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 63.76 - 63.70: ICICI Direct

ICICI Direct expects USDINR to meet supply pressure at higher levels . Utilise upsides in the pair to initiate short positions.

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ICICI Direct's currency report on USDINR


Forex (US$/INR)

The rupee ended little changed against the US$ as investors await the Union Budget later this week and the outcome of the Federal Reserve’s two - day policy meet.

Debt market
Government bonds tumbled, with the benchmark yield posting its biggest single - session gain in four weeks, after the annual Economic Survey raised concerns on possibility of fiscal slippage for FY 18 • GoI benchmark 7 .17 % , 2028 bond yield rose to 7 . 44 % from 7. 31 % ahead of Budget as well as a surge in global yields.

Strategy
The near month dollar - rupee February contract on the NSE was at 63 .79 . The February contract open interest increased 6.61 % from the previous day• We expect the US$ INR to meet supply pressure at higher levels . Utilise upsides in the pair to initiate short positions.


Intra-day strategy

US$INR Feb futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 63.90-63.96Market Lot: US$1000
Target: : 63.76 / 63.70Stop Loss: 64.08
SupportResistance
S 1/ S 2: 63.75 / 63.65R 1/R 2:63.95 /64.10

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