ICICIdirect.com's report on currencyForex (US$/INR)The rupee ended at a 30-month low against the US dollar. A recovery in equities and crude prices, stable global cues and an apparent intervention by the central bank helped the domestic currency to trim down losses during the second halfThe Indian currency ended the day at 68.60, down 0.21% from the previous close of 68.46The dollar index against six major currencies ended at 97.42, up 0.86% from the previous close of 96.59US$/INR derivatives strategy: Sell February ContractIn the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 68.66. The February contract open interest was up 12.94% from the previous dayMarch contract open interest was up 26.10% from the previous dayWe expect the US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the US$/INR February contract to sell Intra-day strategy
| US$INR Feb futures contract (NSE) | View: Bullish on US$ |
| Sell US$INR in the range of 68.76-68.86 | Market Lot: US$1000 |
| Target: 68.59-68.40 | Stop Loss: 68.96 |
| Support: S1/ S2: 68.40/68.20 | Resistance: R1/R2:68.75/68.90 |
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