ICICIdirect.com's report on currencyForex (US$/INR)
The rupee recovered from the day’s lows to settle higher against the US dollar on exporters’ greenback sales even as the central bank apparently stepped in to contain excessive volatility
The Indian currency ended the day at 68.23, up 0.09% from the previous close of 68.29
The dollar index against six major currencies ended at 95.97, up 0.38% from the previous close of 95.61
US$/INR derivatives strategy: Sell February Contract
In the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 68.38. The February contract open interest was down 2.49% from the previous day
March contract open interest was up 3.01% from the previous day
We expect the US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the US$/INR February contract to sellIntra-day strategy
| US$INR Feb futures contract (NSE) | View: Bullish on US$ |
| Sell US$INR in the range of 68.50-68.60 | Market Lot: US$1000 |
| Target: 68.30-68.12 | Stop Loss: 68.70 |
| Support: S1/ S2: 68.25/68.05 | Resistance: R1/R2:68.55/68.75 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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