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 rallies against the rupee. One can utilise rallies in the US$/INR August contract to sell for target of 61.75-61.55.
Forex (US$/INR)
The rupee posted its biggest single-day fall in six-and-a-half months on Wednesday as heavy dollar outflows from the domestic share and debt markets continued as foreign investors pared their holdings
The Indian currency ended the day at 61.50, down 1.07% from its previous close of 60.85
The dollar index against six major currencies closed at 81.44, down 0.12% from its previous close of 81.53
US$/INR derivatives strategy: Sell August contract
In the currency futures market, the most traded dollar-rupee August contract on the NSE closed at 61.79. The August contract open interest was down 1.03% from the previous day
September contract open interest was down 0.45% from the previous
day
We expect the US dollar to meet supply pressure on rallies against the rupee. Utilise rallies in the US$/INR August contract to sell
Intra-day strategy
| US$/ INR Aug futures contract (NSE) | View: Bearish on US$ |
| Sell US$INR in the range of 61.98-62.08 | Market Lot: US$1000 |
| Target: 61.75-61.55 | Stop Loss: 62.18 |
| Support: S1/ S2: 61.60/61.35 | Resistance: R1/R2:62.00/62.20 |
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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