ICICIdirect.com has come out with its report on currency. According to the research firm, the US dollar is expected to attract buying support on declines against the INR. Utilise the lows in the US$/INR February contract to buy.
US$/INR derivatives strategy: • In the currency futures market, the most traded dollar-rupee February contract on the NSE closed at 54.00. The February contract open interest was up 3.5% from the previous day• The March contract open interest was up 5.8% from the previous day
• We expect the US dollar to attract buying support on declines against the INR. Utilise the lows in the US$/INR February contract to buy Intra-day strategy
| USD/ INR Feb futures contract (NSE) | View: Bullish on USD |
| Buy USDINR above 53.76 | Market Lot: USD1000 |
| Target: 53.94/54.02 | Stop Loss: 53.67 |
| Support: S1/ S2: 53.75/ 53.60 | Resistance: R1/R2: 54.20/ 54.35 |
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. To read the full report click on the attachment
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