ICICI Direct After starting the week on a dismal note, the US$INR currency pair gave up its gains and moved lower.
ICICI Direct's currency report on USDINR
After starting the week on a dismal note, the US$INR currency pair gave up its gains and moved lower. Positive domestic equities inflows and weakness in Dollar index added more pressure • Dollar index remained depressed below 93 levels due to lack of clarity in stimulus. Durable goods data was above expectation whereas volatility would be seen post consumer confidence data, which is lined up later.
Currency futures on NSE
Call writers of 74 strike continued to dominate for a few expiries. We continue to feel the US$INR pair would consolidate unless a sustainable close is seen above 74 level • The dollar-rupee November contract on the NSE was at 73.87 in the last session. The open interest rose 36.1% for the November series contract.
|US$INR NOV futures contract (NSE)||View: Bullish on US$INR|
|Sell US$INR in the range of 73.95-74.00||Market Lot: US$1000|
|Target: 73.80/ 73.70||Stop Loss: 74.11|
|Support: 73.50/73.70||Resistance: 74.0/74.1|
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