ICICIdirect.com has come out with its report on currency. According to the research firm, the US dollar is expected to garner buying support on declines against the INR. One can utilise declines in the US$/INR July contract to buy for target of 60.50-60.65.
Forex (US$/INR)
The rupee ended weak on Thursday, dragged down by month-end importer dollar demand and lower stocks while uncertainty over Iraq turmoil kept traders cautious
The Indian currency ended the day at 60.14, down 0.02% from its previous close of 60.12
The dollar index against six major currencies closed at 80.21, up 0.02% from its previous close of 80.20
US$/INR derivatives strategy: Buy July contract
In the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 60.52. The July contract open interest was up 21.02% from the previous day
The August contract open interest was up 12.70% from the previous day
We expect the US dollar to garner buying support on declines against the INR. Utilise declines in the US$/INR July contract to buy.
Intra-day strategy
| USD/ INR July futures contract (NSE) | View: Bullish on USD |
| Buy USDINR in the range of 60.20-60.30 | Market Lot: USD1000 |
| Target: 60.50-60.65 | Stop Loss: 60.13 |
| Support: S1/ S2: 60.30/60.10 | Resistance: R1/R2:60.65/60.85 |
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.
To read the full report click here
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