ICICI Direct expects Open interest increased by almost 4.9% in the previous session • Utilise upsides in the pair to initiate short positions.
ICICI Direct's currency report on USDINR
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.
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 71.13-71.17||Market Lot: US$1000|
|Target: 70.95 / 70.85||Stop Loss: 71.25|
|Support: 71.25/71.15||Resistance: 71.25/71.35|
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