Sell USDINR Feb; target of 68.20-67.95: ICICIdirect

ICICIdirect.com's report on currencyForex (US$/INR)The rupee depreciated against the US dollar, tracking a sell-off across most Asian peers, as oil prices resumed their slide, hurting global risk appetite. However, suspected intervention by the central bank limited losses in the currency in the latter half of the dayThe Indian currency ended the day at 68.07, down 0.14% from the previous close of 67.98The dollar index against six major currencies ended at 97.39, down 1.43% from the previous close of 98.80US$/INR derivatives strategy: Buy February ContractIn the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 68.37. The February contract open interest was down 5.41% from the previous dayMarch contract open interest was up 5.29% from the previous dayWe expect the US dollar to find buying support on declines against the rupee. Utilise declines in the US$/INR February contract to buy

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