ICICI Direct expects Open interest declined by more than 8.7% in the previous session • Utilise upsides in the pair to initiate short positions.
ICICI Direct's currency report on USDINR
The rupee weakened by 10 paise to end at 71.44 against the US currency on Monday, extending losses for a third straight session, amid fast-spreading coronavirus outbreak in China stoking fears about more trouble for the global economy • Concerns over a novel coronavirus pushed investors into safer assets including the US dollar and traditional safe-haven currencies such as the Japanese yen and the Swiss franc. The dollar index, which measures the greenback against six major peers, rose 0.10% at 97.9569 in late trading.
Indian government bonds advanced, with the yield on benchmark 10-year bonds falling to the lowest in two weeks, as crude oil prices tumbled and treasury yields slid on fears the spread of China’s deadly coronavirus will hurt demand • US 10-year yield fell as much as nine basis points to 1.60% amid a sell-off in risk-assets. Yields around the world have tumbled in sympathy with year-to-date declines in the US bond benchmark now sitting at over 30 basis points.
Currency futures on NSE
The dollar-rupee January contract on the NSE was at 71.46 in the previous session. Open interest declined by more than 8.7% in the previous session • Utilise upsides in the pair to initiate short positions.
|US$INR January futures contract (NSE)||View: Bearish on US$INR|
|Sell US$ in the range of 71.49-71.51||Market Lot: US$1000|
|Target: 71.30 / 71.20||Stop Loss: 71.60|
|Support: 71.30/71.20||Resistance: 71.61/71.73|
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