ICICI Direct expects USDINR to find supports at lower levels. Utilise downsides in the pair to go long in US$INR.
ICICI Direct's currency report on USDINRSpot Currency
Rupee ended sharply lower losing almost 0.49 % against the US $ as a sharp rise in crude oil prices coupled with global geopolitical tensions weighed on emerging currencies including the rupee • The US $ was almost unchanged against majors . However, a rise in crude oil prices and global geopolitical tensions rattled markets. Crude oil prices rose to almost four - year highs with Brent testing $ 72 / bl while the US president warned Russia on Syria’s alleged chemical attacks. We expect the JPY to remain supported over a rise in global concerns while the US$ could remain on the back foot.Benchmark yield
Sovereign bonds extended declines as yields rose sharply amid concerns over a spurt in crude oil prices and simmering global geopolitical concerns • US 10 - year yields declined to 2 . 78 % as the US President warned Russia over alleged use of chemical weapons by Syria.Currency futures on NSE The near - month dollar - rupee April contract on the NSE was at 65. 37. The April contract open interest declined 1. 63 % from the previous day • We expect US$INR to find supports at lower levels. Utilise downsides in the pair to go long in US$INR.
|US$INR April futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 65.20 - 65.24||Market Lot: US$1000|
|Target: 65.38 / 65.46||Stop Loss: 65.07|
|S 1/ S 2: 65.20 / 65.10||R 1/R 2:65.40 /65.55|