ICICI Direct US$INR futures were volatile on Monday as the dollar index weakened against a basket of major currencies.
ICICI Direct's currency report on USDINR
US$INR futures were volatile on Monday as the dollar index weakened against a basket of major currencies. However, a sharp correction in domestic equities provided support to the pair • The dollar index slipped on Monday against its major peers, dropping to a two-week low vs. the yen, as positive news about a Covid-19 vaccine and a wave of merger & acquisition deals lifted the mood in global equity markets.
Currency futures on NSE
This week’s US Federal Reserve meeting will be its first since Chairman Jerome Powell unveiled a policy shift toward greater tolerance of inflation, effectively pledging to keep interest rates low for longer • The dollar-rupee September contract on the NSE was at 73.59 in the last session. The open interest in the September series increased 0.46% while it also increased by 7.92% in the next series.
|US$INR Sep futures (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.70-73.72||Market Lot: US $1000|
|Targets: 73.40, 73.25||Stop Loss: 73.95|
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