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Last Updated : Jan 13, 2020 10:27 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 70.95 - 70.85: ICICI Direct

ICICI Direct expects Open interest increased by almost 4.9% in the previous session • Utilise upsides in the pair to initiate short positions.

Representative Image
Representative Image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continued its winning run for fourth session in a row, soaring 27 paise to settle at 70.94 to the US dollar as softening crude oil prices lifted forex market sentiments. • The dollar posted its biggest weekly advance since November. The dollar index, which measures the greenback against six major peers, was down 0.10 per cent at 97.36.

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Benchmark yield

Yields on the government’s 10-year treasury bill increased to 6.59 ahead of inflation number today. • With the de-escalation of tension between US and Iran, bond yields rose to 1.82 from 1.85.

Currency futures on NSE

The dollar-rupee January contract on the NSE was at 71.03 in the previous session. Open interest increased by almost 4.9% in the previous session • Utilise upsides in the pair to initiate short positions.

Intra-day strategy 
US$INR January futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 71.13-71.17Market Lot: US$1000
Target: 70.95 / 70.85Stop Loss: 71.25
SupportResistance
Support: 71.25/71.15Resistance: 71.25/71.35

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First Published on Jan 13, 2020 10:27 am
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