ICICIdirect.com's report on currency
Forex (US$/INR)
The rupee regained its gaining streak and appreciated to a near two month high against the US dollar, as the Federal Reserve’s meeting minutes indicated the central bank was in no hurry to raise interest rates because of global slowdown concerns.
The Indian currency ended the day at 64.74, up 0.48% from the previous close of 65.05
The dollar index against six major currencies ended at 94.89, down 0.37% from the previous close of 95.24
US$/INR derivatives strategy: Buy October contract
In the currency futures market, the most traded dollar-rupee October contract on the NSE ended at 64.93. The October contract open interest was up 0.63% from the previous day
November contract open interest was up 3.55% from the previous day
We expect the US dollar to garner buying support on decline against the rupee. Utilise declines in the US$/INR October contract to buy
Intra-day strategy
| US$/ INR Oct futures contract (NSE) | View: Bullish on US$ |
| Buy US$INR in the range of 64.66-64.76 | Market Lot: US$1000 |
| Target: 64.96-65.15 | Stop Loss: 64.56 |
| Support: S1/ S2: 64.85/64.65 | Resistance: R1/R2:65.15/65.30 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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