ICICI Direct expects Open interest fell 17.6% in the previous session • Utilise downsides in the pair to initiate long positions.
ICICI Direct's currency report on USDINR
The rupee further rose against the dollar and ended at 71.20 after the RBI left key rates unchanged and maintained its stance to boost the economy • The Dollar Index rose to a new 2020 high as broad based risk on mood helped the greenback and recent news cited the possibility that scientists could be working on a medical treatment to tackle the Wuhan Coronavirus.
Post the RBI policy, 10 year yields fell 1% at 6.45 vs. 6.51 • US treasury yields fell marginally on Thursday as the bond market started to find a more stable footing after days of intense volatility sparked by the Coronavirus outbreak.
Currency futures on NSE
The dollar-rupee February contract on the NSE was at 71.27 in the previous session. Open interest fell 17.6% in the previous session • Utilise downsides in the pair to initiate long positions.
|US$INR February futures contract (NSE)||View: Bullish on US$INR|
|Buy US$ in the range of 71.25-71.35||Market Lot: US$1000|
|Target: 71.45 / 71.65||Stop Loss: 71.15|
|Support: 71.15/71.00||Resistance: 71.55/71.65|
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