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USDINR Aug may trade in 66.60-66.70 range: ICICIdirect

ICICIdirect.com has come out with its report on currencies. According to the research firm, USDINR August is expected to trade in a range of 66.60-66.70

August 27, 2015 / 11:42 AM IST

ICICIdirect.com report on currency Forex (US$/INR)Post opening weak, the rupee recovered in the second half of the day. However, at the end, it settled marginally weak against the US dollar, as lingering uncertainty over China's economic slowdown led to a decline in local shares, raising concerns on foreign fund outflowsThe Indian currency ended the day at 66.13, down 0.06% from the previous close of 66.10The dollar index against six major currencies ended at 95.26, up 1.41% from the previous close of 93.94US$/INR derivatives strategy: Sell September contractIn the currency futures market, the most traded dollar-rupee August contract on the NSE ended at 66.19. The August contract open interest was down 9.50% from the previous daySeptember contract open interest was up 32.20% from the previous dayWe expect US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the US$/INR September contract to sellIntra-day strategy

US$/ INR Sep futures contract (NSE)View: Bearish on US$
Sell US$INR in the range of 66.60-66.70Market Lot: US$1000 
Target: 66.42-66.25Stop Loss: 66.80
SupportResistance
S1/ S2: 66.35/66.15R1/R2:66.60/66.80
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first published: Aug 27, 2015 11:42 am

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