Moneycontrol
Last Updated : Nov 09, 2018 11:27 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 72.45 / 72.35: ICICI Direct

ICICI Direct expect the USDINR to find meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions

Broker Research @moneycontrolcom

ICICI Direct's currency report on USDINR

Spot Currency

The rupee posted some recovery on Tuesday ahead of Diwali holidays. It is expected to open on a further higher note taking cues from overseas markets The USD recovered sharply yesterday as the Fed remains on course to raise interest rates for a fourth time in December . Euro was weighed as the ECB warned Italy that it may breach ECB’s fiscal deficit limits. However, we see limited gains for the dollar from present levels on recent developments in the US domestic political equation. Also, Euro continues to hover near the supports of 1.13 levels. Any positive economic data could see Euro rising sharply.

Benchmark yield

Government bonds rose in the previous session supported by positive moves in the rupee as well as sharp selling in crude oil US treasury yields were unchanged while overall debt remains under pressure as the Fed remains on course to raise interest rates for a fourth time in December 2018

Currency futures on NSE

The dollar - rupee November contract on the NSE was at 72. 61 in the previous session. November contract open interest increased 2.45 % in the previous session We expect the USD INR to find meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions

USDINR Strategy
USDINR November futures contract (NSE)
Sell USD in the range of 72.70 -72.78 Market Lot: USD1000
Target: 72.45 / 72.35 Stop Loss: 72.90
Support Resistance
S1/ S2: 72.60 / 72.45 R1/R2:72.75 /72.95

 

 

 

 

 

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First Published on Nov 9, 2018 11:27 am
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