ICICIdirect.com's report on currency
Forex (US$/INR)
The rupee appreciated to a more than a week’s high against the US dollar, as traders seemed to have squared off positions on caution ahead of a key US jobs data
The Indian currency ended the day at 63.51, up 0.15% from the previous close of 63.61
The dollar index against six major currencies ended at 96.06, down 0.22% from the previous close of 96.27
US$/INR derivatives strategy: Buy July contract
In the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 63.81. The July contract open interest was down 2.31% from the previous day
August contract open interest was up 11.54% from the previous day
We expect the US dollar to garner buying support on declines against the rupee. Utilise declines in the US$/INR July contract to buy
Intra-day strategy
US$/ INR Jul futures contract (NSE) | View: Bullish on US$ |
Buy US$INR in the range of 63.57-63.67 | Market Lot: US$1000 |
Target: 63.85-64.02 | Stop Loss: 63.47 |
Support: S1/ S2: 63.70/63.50 | Resistance: R1/R2:63.85/64.05 |
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