Sell USDINR; target of 73.70 - 73.60: ICICI Direct
ICICI Direct US$INR futures fell slightly on Monday on the back of a domestic equities rally along with a correction in the US dollar index after a strong weekly gain•
September 29, 2020 / 08:24 AM IST
ICICI Direct's currency report on USDINR
US$INR futures fell slightly on Monday on the back of a domestic equities rally along with a correction in the US dollar index after a strong weekly gain • The dollar index pulled back from a two-month high against a basket of currencies on Monday as US equities rallied after four straight days of declines ahead of a slew of economic data and political developments in the US.
Currency futures on NSE
US Commodity Futures Trading Commission's broad measure of dollar positioning showed speculators' net short position rose to $33.989 billion last week, up from $31.524 billion the week before and near its highest in almost a decade • The dollar-rupee October contract on the NSE was at 73.88 in the last session. The open interest in the October series increased 38.46%, while it also increased 19.15% in the next series.
|US$INR Oct futures (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.89-73.91||Market Lot: US$1000|
|Targets: 73.70, 73.60||Stop Loss: 74.10|