ICICI Direct, The rupee depreciated marginally post Budget and closed above 73 levels once again as concerns over fiscal slippage.
February 02, 2021 / 08:59 AM IST
ICICI Direct’s currency report on USDINR
The rupee depreciated marginally post Budget and closed above 73 levels once again as concerns over fiscal slippage. The yield on the 10- year notes surged most since May, after a higher-than-expected borrowing for the next fiscal year announced in Budget • The euro headed for the biggest decline in two weeks as Germany reported a record drop in retail sales at the end of last year, and as concerns over the rollout of vaccines on the continent continued.
Currency futures on NSE
US$ INR depreciated by almost 30 paise from lows as strength in dollar index coupled with higher borrowing pulled it towards 73.30 levels. However, we expect 73.50 levels to act as immediate hurdle for the currency pair • The dollar-rupee February contract on the NSE was at Rs 73.31 in the last session. The open interest declined marginally by 4% for February series.
|US$ INR Feb futures contract (NSE)||View: Bearish on US$ INR|
|Sell US$ INR in the range of 73.38-73.42||Market Lot: US$ 1000|
|Target: 73.25/ 73.10||Stop Loss: 73.51|
|Support: 73.25/73.10||Resistance: 73.51/73.58|