ICICIdirect.com has come out with its report on currency. According to the research firm, the US dollar is expected to meet supply pressure on pullbacks against the INR. One can utilise rallies in the US$/INR June contract to sell for target of 60.32-60.12.
Forex (US$/INR)
The rupee snapped two sessions of falls and recovered from a near twomonth low on Tuesday after the central bank sold dollars via state-run banks and its governor assured markets that India was better prepared to deal with external shocks
The Indian currency ended the day at 60.03, up 0.21% from its previous close of 60.155
The dollar index against six major currencies closed at 80.60, up 0.19% from its previous close of 80.447
US$/INR derivatives strategy: Sell June contract
In the currency futures market, the most traded dollar-rupee June contract on the NSE closed at 60.22. The June contract open interest was up 8.34% from the previous day
The July contract open interest was up 12.86% from the previous day
We expect the US dollar to meet supply pressure on pullbacks against the INR. Utilise rallies in the US$/INR June contract to sell
Intra-day strategy
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