ICICIdirect.com expects the US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the US$/INR February contract to sell in the range of 62.46-62.56 and target of 62.31-62.14, says the report.
Forex (US$/INR)
The rupee slumped to a near six-week low vs. the US dollar on Wednesday, as crude oil importers rushed to purchase dollars to make their month-end payments in the holiday-shortened week. Caution ahead of the Federal Reserve's policy meeting minutes also weighed on the Indian currency
The Indian currency ended the day at 62.34, down 0.30% from the previous close of 62.16
The dollar index against six major currencies ended at 94.40, up 0.32% from the previous close of 94.09
US$/INR derivatives strategy: Sell February contract
In the currency futures market, the most traded dollar-rupee February contract on the NSE closed at 62.40. The February contract open interest was down 4.72% from the previous day
March contract open interest was up 2.72% from the previous day
We expect the US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the US$/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 62.46-62.56 | Market Lot: US$1000 |
| Target: 62.31-62.14 | Stop Loss: 62.66 |
| Support: S1/ S2: 62.15/61.95 | Resistance: R1/R2:62.45/62.65 |
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