ICICI Direct, The rupee witnessed some appreciation in the last session as continued FII buying compensated for strength in the Dollar index.
January 14, 2021 / 08:52 AM IST
ICICI Direct’s currency report on USDINR
The rupee witnessed some appreciation in the last session as continued FII buying compensated for strength in the Dollar index. During the day, the rupee appreciated by 14 paise as the dollar index remained near 90.50 levels • The US Dollar Index (DXY), appears to have found some resistance in the 90.70 region in the last couple of sessions. Further strength is expected above these levels.
Currency futures on NSE
Volatility remained high in the US$ INR pair last week as the dollar index rebounded above 90 levels. The Put base of 73 is likely to act as immediate support and declines can be utilised for buying in the currency pair • The dollar-rupee January contract on the NSE was at Rs 73.38 in the last session. The open interest increased by 11.7% in the January series contracts.
|US$ INR JAN futures contract (NSE)||View: Bullish on US$ INR|
|Buy US$ INR in the range of 73.32-73.34||Market Lot: US$ 1000|
|Target: 73.45/ 73.55||Stop Loss: 73.23|
|Support: 73.18/73.02||Resistance: 73.55/73.65|