ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. One can utilise rallies in the US$/INR March contract to sell at the range of 62.97-63.09 for the target of 62.79-62.60.
Forex (US$/INR)
The rupee rose against the US currency, snapping four days of losses, as foreign fund inflows offset losses driven by a globally stronger dollar
The Indian currency ended the day at 62.16, up 0.25% from the previous close of 62.25
The dollar index against six major currencies ended at 97.72, up 1.43% from the previous close of 96.34
US$/INR derivatives strategy: Sell March contract
In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.47. The March contract open interest was down 2.40% from the previous day
April contract open interest was up 7.99% from the previous day
We expect the US dollar to meet supply pressure on rallies against the rupee. Utilise rallies in the US$/INR March contract to sell
Intra-day strategy
| US$/ INR Mar futures contract (NSE) | View: Bullish on US$ |
| Sell US$INR in the range of 62.97-63.09 | Market Lot: US$1000 |
| Target: 62.79-62.60 | Stop Loss: 63.19 |
| Support: S1/ S2: 62.65/62.45 | Resistance: R1/R2:62.95/63.15 |
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