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