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Published on 30/07/2020 11:14:09 AM | Source: ICICI Direct

The Dollar index continued to stay under pressure below 94 levels - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Forex and global equities

Spot Currency

* On the back of weakness in the Dollar Index and monthly expiry, the rupee gained 2 paise and ended near 74.8. We continue to feel the pair could trade in a range of 75.2 to 74.5 in the coming days

* The Dollar index continued to stay under pressure below 94 levels. However, some volatility can be seen as advanced trade deficit came in at $70.64 billion in June

 

Global Bonds

* The Nifty opened negative and saw a round of consolidation for a major part of the day amid high volatility. Sectorally, action was seen in BFSI, chemical and select FMCG stocks while profit booking was seen in technology and energy stocks

* The choppiness in banking stocks continued as the Bank Nifty again slipped from higher levels and ended with a loss of 0.33%. Most private banks witnessed a leg of profit booking

 

FII Activity

Foreign institutional investors (FII) were net seller to the tune of | 148 crore on July 27, 2020. They bought | 174 crore in the equity market and sold | 322 crore in the debt market. FIIs have bought close to | 7789 crore in the July series as of now

 

INR futures and Outlook

Currency futures on NSE

* Volatility could be seen in the rupee and other EM currencies due to FOMC meet. However, choppiness is likely to continue near 75 levels and the pair could slip towards 74.5

* The dollar-rupee contract on the NSE was at 74.95 in the last session. The open interest rose 40.6% in the last session

 

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