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
-
In 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
| 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 |
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!
