ICICI Direct expects Open interest declined 1.7% in the last session • Utilise downsides in the pair to initiate long positions.
ICICI Direct's currency report on USDINR
The rupee may head toward a record low reached in 2018 as foreign funds pull out of local assets amid growing concerns over the Coronavirus outbreak. Traders are focused on retail inflation data due later on Thursday, which is expected to ease • The US dollar rallied against multiple currency competitors midweek after the World Health Organization (WHO) officially declared that the Coronavirus is now a global pandemic. Investors fled to traditional safe-haven asset following the international body’s announcement.
India’s sovereign bonds fell ahead of a debt auction, partly reversing a rally in the previous session, which sent yields to the lowest in a decade. The rupee edged up in line with emerging Asian peers • Treasuries surged with 10-year yields falling another 15 bps on Thursday as large cross-asset risk-off moves provide a powerful lift.
Currency futures on NSE
The dollar-rupee March contract on the NSE was at 73.81 in the previous session. Open interest declined 1.7% in the last 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 74.29-74.31||Market Lot: US$1000|
|Target: 74.75/ 74.90||Stop Loss: 74.15|
|Support: 74.15/74.05||Resistance: 74.75/74.95|
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