ICICI Direct expects Open interest rose 7.6% in the previous session • Utilise downsides in the pair to initiate long positions.
ICICI Direct's currency report on USDINR
The rupee snapped its four-session losing run on Thursday to close 6 paise higher at 73.33 against the US dollar amid hopes that efforts by countries and global agencies would offset financial damage from the novel Coronavirus outbreak • The Dollar Index declined further by 0.5% in the last session as investors digested key economic data and rising cases of the Coronavirus. The euro broadly underperformed its Group-of-10 peers on Wednesday amid concern the Coronavirus may plunge some European Union nations into recession.
The bond yields are likely to move up for any potential negative fallout after central bank seized control of Yes Bank and placed limits on its operations. The currency will also feel downward pressure from rising cases of Coronavirus in India • Treasury yields dropped to a new record low, spurring yet another global rally in bonds in a tumultuous week as worries mount over the spread of the Coronavirus in the US.
Currency futures on NSE
The dollar-rupee March contract on the NSE was at 73.54 in the previous session. Open interest rose 7.6% in the previous session • Utilise downsides in the pair to initiate long positions.
|US$INR March futures contract (NSE)||View: Bullish on US$INR|
|Buy US$ in the range of 73.79-73.81||Market Lot: US$1000|
|Target: 74.20/ 73.35||Stop Loss: 73.60|
|Support: 73.60/73.40||Resistance: 74.20/73.40|
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