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Last Updated : Aug 30, 2016 10:36 AM IST | Source: Moneycontrol.com

Buy US$INR September Fut; target of 67.65 - 67.85: ICICIdirect

ICICIdirect.com has expect the US dollar to find buying support on decline against the rupee. Utilise declines in the US$/INR September contract to Buy target of 67.65 - 67.85.

ICICIdirect.com's report on currency

Currency

Debt market  

• Government bonds erased earlier lo sses to end higher, after a senior  finance ministry official said the government may issue a new 10-year  note this week as current issuance has reached its limit  • The benchmark 7.59% bond maturing in 2026 ended at | 103.15 against  the previous close of | 103.11  • The benchmark 7.59% 2026 bond yield remained unchanged at 7.12%  

Forex (US$/INR)  

• The rupee fell to a one-week low against the dollar, as the Federal  Reserve Chair’s comments about the strength in the US economy  sparked speculation of an interest rate hike this year coupled with month  end dollar demand weighing on the rupee  • The dollar index against six major cu rrencies ended slightly unchanged  in yesterday’s trade at 95.58 sustaini ng gains on rate hike prospects  

US$/INR derivatives strategy : Buy September Contract  

• In the currency futures market, the most traded dollar-rupee September  contract on the NSE ended at 67.49. The September contract open  interest rose 32.68% from the previous day  • October contract open interest was  up 51.89% from the previous day  • We expect the US dollar to gain supports at lower levels. Utilise  downsides in US dollar to go long in US$INR September futures.

Intra-day strategy


US$INR September futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 67.25-67.35Market Lot: US $1000
Target: 67.65 - 67.85Stop Loss: 67.10
SupportResistance
S 1/ S2: 67.30/67.10R 1/R 2:67.60/67.80








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First Published on Aug 30, 2016 10:36 am
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