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Last Updated : Aug 07, 2015 11:20 AM IST | Source: Moneycontrol.com

USDINR Aug may trade in 63.72-63.82 range: ICICIdirect

ICICIdirect.com has come out with its report on currencies. According to the research firm, USDINR August is expected to trade in a range of 63.72-63.82

   

ICICIdirect.com's report on currency

Forex (US$/INR)

The rupee weakened marginally for the first time in four sessions against the US dollar, as importers’ greenback purchases erased early gains in the local unit amid a broad weakness in the US currency

Close

The Indian currency ended the day at 63.77, down marginally down 0.03% from the previous close of 63.75

The dollar index against six major currencies ended at 97.78, down 0.12% from the previous close of 97.90

US$/INR derivatives strategy: Buy August contract

In the currency futures market, the most traded dollar-rupee August contract on the NSE ended at 64.02. The August contract open interest was up 3.66% from the previous day

The September contract open interest was up 15.66% from previous day

We expect the US dollar to garner buying support on declines against the rupee. Utilise declines in the US$/INR August contract to buy

Intra-day strategy

US$/ INR Aug futures contract (NSE)View: Bullish on US$
Buy US$INR in the range of 63.72-63.82Market Lot: US$1000
Target: 63.99-64.14Stop Loss: 63.62
SupportResistance
S1/ S2: 63.90/63.70R1/R2:64.10/64.30








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First Published on Aug 7, 2015 11:20 am
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