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Last Updated : Sep 09, 2016 09:39 AM IST | Source: Moneycontrol.com

Sell US$INR September Fut; target of 66.65 - 66.55: ICICIdirect

ICICIdirect.com has expect the US dollar to meet supply pressure on rallies. Utilise upsides in the US dollar to go short on US$INR September futures to Sell target of 66.65 - 66.55.

ICICIdirect.com's report on currency

Currency

Debt market

Government bonds rose for a third day, as investors bet that retail inflation would ease in coming months on better monsoons and soft oil prices, paving the way for a near-term rate cut The benchmark 7.59% bond maturing in 2026 ended at | 103.69, highest since its issuance against the previous close of | 103.31
The benchmark 7.59%  2026  bond yield  fell to 7.05%  from  7.06%  previous day

Forex (US$/INR)

The rupee fell for the first time in seven  sessions against the dollar, tracking weak Asian peers, amid caution ahead of the European Central Bank’s policy review The dollar index ended ended slightly higher at  95.03 gaining 0.07%  in the late  session as inaction by ECB  while raising concerns on inflation and growth supported the US$


US$/INR derivatives strategy: Sell September Contract

In the currency futures market, the most traded dollar-rupee September contract on the NSE  ended at 66.60. The September contract open  interest rose 0.31% from the previous day

October contract open interest was up 14.65% from the previous day

We expect the US dollar  to  meet  supply pressure  on rallies. Utilise upsides in the US dollar to go short on US$INR September futures


Intra-day strategy

US$INR September futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 66.90 -67.00Market Lot: US$1000
Target: 66.65 - 66.55Stop Loss: 67.10
SupportResistance
S1/ S2: 66.65/66.45R 1/R 2:66.85/67.0









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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First Published on Sep 9, 2016 09:39 am
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