ICICI Direct, The rupee appreciated and moved below 73 levels once again ahead of union budget.
February 01, 2021 / 09:34 AM IST
ICICI Direct’s currency report on USDINR
The rupee appreciated and moved below 73 levels once again ahead of union budget. However, sovereign Indian bonds declined ahead of Monday’s federal budget and RBI’s rate decision later next week. The dollar surged versus the yen and most other Group-of-10 peers, as it broke through technical levels and benefited from weakening risk sentiment as global stocks fell.
Currency futures on NSE
US$ INR pair continued to hover around $ 73 levels ahead of Union Budget. It has remained largely range bound despite outflows seen from domestic equities.The dollar-rupee February contract on the NSE was at Rs 73.16 in the last session. The open interest increased by 11% for February series.
|US$ INR Feb futures contract (NSE)||View: Bearish on US$ INR|
|Sell US$ INR in the range of 73.23-73.27||Market Lot: US$ 1000|
|Target: 73.05/ 72.90||Stop Loss: 73.38|
|Support: 73.05/72.90||Resistance: 73.38/73.45|