Last Updated : Mar 12, 2018 08:31 PM IST | Source:

Buy USDINR; target of 63.85 - 63.90: ICICI Direct

According to ICICI Direct expect the USD to find supports at lower levels. Utilise the down side in the pair to go long on the USDINR

Broker Research @moneycontrolcom

ICICI Direct's currency report on USDINR

Debt market

Government bonds rose for the first time in three sessions, amid value buying after the benchmark note hit a record low earlier in the day, even as traders awaited auction of the new 10 - year paper later this week The G o I benchmark 6. 79%2027 bond yield declined to 7. 3 2 % from 7.39 % in the previous session Yield on the US 10 - y ear benchmark bond declined to 2.4 5 % from 2.4 6 % in  the  previous session

Forex (USD/INR)

The rupee fell for the first time in five sessions against the USD, as Euro  and other currencies came under profit booking  on caution ahead of the  US Federal Reserve’s December meeting minutes The USD gained some of its previous losses with  the  index  ending above  92 - level. Profit booking in major currencies like Euro and GBP helped the dollar. Traders await US December employment data even as Fed is not expected to raise interest rates in its upcoming January policy meeting.  Level of  1.21 is  a  key hurdle for  the  Euro , which could lead to  some  recovery in  the  USD while  there were  losses in emerging currencies


In the currency futures market, the near month dollar - rupee January contract on the NSE was at 63.72. The January contract open interest increased 2.23 % from the previous day February contract USDINR ended at 63. 92. O pen interest increased 7.41 % in the previous session We expect the USD to find supports at lower levels. Utilise the down side in the pair to go  long on  the USDINR

Intra-day strategy
USDINR January futures contract (NSE) View: Bearish on USDINR
Buy USDINR in the range of 63.58 - 63.68 Market Lot: USD1000
Target: 63.85 / 63.90 Stop Loss: 63.48
Support Resistance
S1/ S2: 63.60 / 63.40 R1/R2:63.75 /63.95





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First Published on Jan 4, 2018 12:02 pm
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