ICICI Direct US$INR futures fell further on Monday as broad based dollar weakening and a rebound in domestic equities weighed on the pair•
ICICI Direct's currency report on
Spot Currency
US$INR futures fell further on Monday as broad based dollar weakening and a rebound in domestic equities weighed on the pair • The dollar index slipped to a multi-year low of 91.73 as investors bet the Federal Reserve’s policy framework meant US rates would stay low for longer. The Fed’s announcement last week that it would tolerate periods of higher inflation and focus more on average inflation along with higher employment encouraged traders to sell the dollar.
Currency futures on NSE
US political uncertainty ahead of November’s presidential election and concerns about US economic recovery are likely to further weaken the greenback • The dollar-rupee September contract on the NSE was at 73.16 in the last session. The open interest in the September series increased 3.02% while it also increased 4.59% in the next series.
Intra-day strategy
| US$INR S ep futures (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 73.18-73.20 | Market Lot: US $1000 |
| Target: 72.80 | S top Loss: 73.50 |
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