Buy Indian Rupee; target 56.31: ICICIdirect.com
ICICIdirect.com has come out with its report on currency. According to the research firm, the US dollar is expected to garner buying support on declines against the INR. One can utilise the lows in the USD/INR June contract to buy.
ICICIdirect.com's research report on currency
Forex (USD/INR)- The rupee opened weaker on the back of dollar strength in early trade. The currency fell further in subsequent trade owing to dollar purchases by custodian banks. Month end dollar demand by oil importers coupled with a rise in crude oil prices also weighed on the currency
- The rupee ended at 55.95, down 0.70 percent from the previous day's close of 55.56
- The dollar index against six major currencies was at 84.25, up 0.70 percent from its previous close
USD/INR derivatives strategy: Buy June contractIn the currency futures market, the most traded dollar-rupee May contract on the NSE closed at 55.94. The May contract open interest was down 24.80 percent from the previous day
The June contract open interest was up 33 percent from the previous day
We expect the US dollar to garner buying support on declines against the INR. Utilise the lows in the USD/INR June contract to buy
Intra-day strategy| USD/ INR June futures contract (NSE) | View: Bullish on USD |
| Buy USDINR above 56.05 | Market Lot: USD1000 |
| Target: 56.23/56.31 | Stop Loss: 55.96 |
| Support: S1/ S2: 56.02/ 55.85 | Resistance: R1/R2: 56.40/56.68 |
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. 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
