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Published on 26/11/2020 10:17:02 AM | Source: ICICI Direct

US$INR settled below 74 levels, Positive inflows continued, helping the rupee to appreciate further - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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On the back of the November series expiry, the US$INR settled below 74 levels. Positive inflows continued, helping the rupee to appreciate further - ICICI Direct

 

Daily Snapshot

 

Currency

* On the back of the November series expiry, the US$INR settled below 74 levels. Positive inflows continued, helping the rupee to appreciate further

* Ahead of the key data, the Dollar index reached 92 levels. Risk appetite put the dollar under extra pressure. FOMC and initial claims triggered further volatility

 

Global Bonds

* Broader markets witnessed profit taking action across sectors despite positive global cues. On the options front, aggressive writing was witnessed in 13000 Call strike that should be immediate hurdle on the upsides

* The Bank Nifty opened higher and rapidly succumbed to a bout of selling, following profit taking after a recent rally was seen in private banks. IVs rose along with significant OI addition in 29500 and 29800 Call strikes indicating limited upside. However, on the downside, 28500, 29000 Put strike holds significant OI that should act as support

 

FII & FPI Activities

Foreign institutional investors (FII) were net buyers to the tune of | 4771 crore on November 24, 2020. They bought worth | 5526 crore in the equity market whereas they sold worth | 755 crore in the debt market

 

Rupee Outlook and Strategy

US$INR futures on NSE

* Positive inflows by FIIs and weakness in the Dollar index helped the rupee to appreciate and move towards the levels of 74. We feel the ongoing trend of the rupee is likely to continue

* The dollar-rupee December contract on the NSE was at 74.16 in the last session. The open interest rose 25.2% for the December series contract

 

 

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