ICICIdirect.com has recommended traders to buy USDINR December in the range of 63.18-63.28 for the target of 63.43-62.65, in its research report dated December 24, 2014.
Forex (US$/INR)
• The rupee weakened on Tuesday on the back of month-end dollar demand from importers and also due to profit taking in domestic
equities
• The Indian currency ended the day at 63.28, down 0.06% from its previous close of 63.24
• The dollar index against six major currencies closed at 90.06, up 0.31% from its previous close of 89.78
US$/INR derivatives strategy: Buy December contract
• In the currency futures market, the most traded dollar-rupee December contract on the NSE closed at 63.37. The December contract open interest was up 0.25% from the previous day
• January contract open interest was also up 3.74% from the previous day
• We expect the US dollar to garner buying support on declines against the rupee. Utilise declines in the US$/INR December contract to buy
Intra-day strategy
| US$/ INR Dec futures contract (NSE) | View: Bullish on US$ |
| Buy US$INR in the range of 63.18-63.28 | Market Lot: US$1000 |
| Target: 63.43-62.65 | Stop Loss: 63.08 |
| Support | Resistance |
| S1/ S2: 63.25/63.05 | R1/R2:63.55/63.75 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
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