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Published on 7/07/2020 10:29:33 AM | Source: ICICI Direct

The dollar-rupee contract on the NSE was at 74.78 in the last session - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Forex and global equities

Spot Currency

* The rupee pared initial gains and ended only 2 paise down near 74.68. Strong equites, softening crude prices and a possible vaccine for Covid-19 are expected to provide a sentimental boost

* The US dollar fell below 97 levels and ended near 96.65 as strong risk-on sentiment put the dollar under heavy pressure. We continue to feel the Dollar index would consolidate near 97 levels

 

Global Bonds

* After Friday’s lacklustre session, in early trade, private and PSU bank stocks witnessed buying interest throughout the trading session, helping the Bank Nifty to close above 22000. Writing continued in near OTM and ATM strikes, which is likely to provide a support in case of profit booking at higher levels

* The outperformance in Nifty stocks continued with the index rallying nearly 150 points and ending above 10750. Reliance Industries and TCS witnessed strong buying from lower levels whereas short covering was seen in auto and metal stocks

 

FII Activity

* Foreign institutional investors (FII) were net buyer to the tune of | 560 crore on July 2, 2020. They bought Rs. 623 crore in the equity market and sold | 63 crore in the debt market. FIIs have bought close to Rs.970 crore in equities in the July series as of now

 

INR futures and Outlook

Currency futures on NSE

* Positive inflows continued to drive the rupee higher. It is moving towards its October 2018 levels. We feel the rupee will consolidate near 74.5 levels

* The dollar-rupee contract on the NSE was at 74.78 in the last session. The open interest rose almost 8.0% in the last session

 

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