Moneycontrol
Last Updated : Jul 10, 2018 12:46 PM IST | Source: Moneycontrol.com

Buy USDINR; target of 69.05 / 69.12: ICICI Direct

ICICI Direct expect the USDINR to find supports at lower levels. Utilise downsides in the pair to initiate long positions.

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ICICI Direct's currency report on USDINR

Spot Currency

The rupee sustained its opening gains on the back of USD weakness and strength in domestic markets. However, it is expected to see a mild weakening in the backdrop of elevated crude oil prices. The USD ended slightly higher amid profit booking in the GBP and JPY. Overall markets remained in a range in the absence of any major economic data. Investors await fresh development on the US - China trade rift as the US President had warned of follow - on tariffs if China imposed retaliatory duties on US imports.

Benchmark yield

Sovereign bond yields rose to 7. 89 % amid higher crude oil prices as well as expectations of a rise in domestic inflation US sovereign 10 - year yields rose to 2. 86 % as higher payrolls data has overlooked an uptick in unemployment data.

Currency futures on NSE

The dollar - rupee July contract on the NSE was at 68. 86 in the previous session. July contract open interest increased 2. 40 % in the previous day.We expect the USDINR to find supports at lower levels. Utilise downsides in the pair to initiate long positions

USDINR Strategy
USDINR July futures contract (NSE)
Buy USDINR in the range of 68.79 - 68.86 Market Lot: USD1000
Target: 69.05 / 69.12 Stop Loss: 68.68
Support Resistance
S1/ S2: 68.80 / 68.65 R1/R2:69.05 /69.15

 

 

 

 

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First Published on Jul 10, 2018 12:46 pm
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