ICICI Direct expects Open interest fell 4.0% in the previous session • Utilise downsides in the pair to initiate long positions.
ICICI Direct's currency report on USDINR
For the week, the rupee continued to remain in a tight band amid high volatility. However, its likely to depreciate marginally and move towards 71.8 levels in coming days • The US dollar index is trading near its highest level since October as risk aversion continues to dominate sentiments. The Dollar Index is holding firm above 99 levels as the index continued to print 2020 highs.
The yield on 10-year bond fell 0.86% and ended at 6.37 last Friday as compared to 6.43 • The yield on the benchmark 10-year US treasury fell 2% on Friday ahead of a long holiday weekend as concerns over the Coronavirus saw an uptick along with a mixed run of data.
Currency futures on NSE
The dollar-rupee February contract on the NSE was at 71.43 in the previous session. Open interest fell 4.0% in the previous session • Utilise downsides in the pair to initiate long positions.
|US$INR February futures contract (NSE)||View: Bullish on US$INR|
|Buy US$ in the range of 71.40-71.50||Market Lot: US$1000|
|Target: 71.60 / 71.80||Stop Loss: 71.30|
|Support: 71.25/71.30||Resistance: 71.60/71.80|
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