ICICI Direct US$INR futures rose slightly on Tuesday as domestic equities corrected slightly.
ICICI Direct's currency report on USDINR
US$INR futures rose slightly on Tuesday as domestic equities corrected slightly. However, a fall in the US dollar index capped gains in the pair • The dollar index dipped on Tuesday but moves were muted as investors awaited the outcome of fiscal stimulus talks ahead of the upcoming US presidential election and as Coronavirus cases spiked in Europe.
Currency futures on NSE
While markets are confident a win by Biden would lead to more fiscal stimulus, potentially weakening the dollar, investors are also wary of a potentially contested election result that may boost the safe-haven appeal of the greenback • The dollar-rupee October contract on the NSE was at 73.52 in the last session. The open interest in the October series declined 4.89% while it increased 22.46% in the next series.
|US$INR Oct futures (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 73.46-73.48||Market Lot: US$1000|
|Targets: 73.59, 73.67||Stop Loss: 73.33|