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Published on 31/03/2020 11:20:09 AM | Source: Religare Broking Ltd

The USDINR pair closed the March series at 74.80 mark - Religare Broking

Posted in Currency Report| #Currency Tips #Religare Broking Ltd

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March Expiry Derivative Summary

The USDINR pair closed the March series at 74.80 mark, with gains of 4.25 percent as compared to the previous expiry. Initially the pair witnessed some resistance around 74.50 zone, but gained sharp momentum once it crossed the 74.50 hurdle, and soared to record high of 76.48 mark. The cost of carry for the April series was around 1.05 which was unusually high as compared to its previous expiry indicating continuation of bullish momentum. The current series has started with an open interest of 41,93,333 which is far higher than its previous expiry, wherein the open interest at the beginning of previous expiry was 19,69,601.

USDINR Weekly Chart

 

April Series Outlook

The rollover has been around 48.0 percent as against 55.95 percent in the previous expiry. There has been a decrease in rollover owing to very high cost of carry for the April contract.

For the April series, the USDINR pair has resistance around 76.90 followed by 77.65 levels. However, support for the pair is at 74.90 /74.50 mark.

On the options front, Call writing has been seen in the 76.00 strike along with a build-up in open interest, whereas Put writing and build-up in open interest is being witnessed at 74.00 strike.

USDINR April Series Options Data

 

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