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Published on 1/06/2020 12:12:57 PM | Source: ICICI Direct

The open interest fell by almost 4.1% during 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 appreciated from its sizeable Call base of 76 and ended at 75.62. Correction in Dollar index, positive domestic equities and fund inflow boosted investors sentiment

* The Dollar index fell towards its lowest levels since March 16 as US market rallied nearly 4% for the week. Uncertainty regarding the trade deal with China and no major comment by the US President triggered profit booking in safe haven.

 

Global Bonds

* Post a gap down opening, the Nifty witnessed support near 9375. Then, it saw a sharp pullback and rallied nearly 90 points to end at 9580. Auto, along with pharma and FMCG, were leaders whereas other heavyweights provided support

* The Bank Nifty rose for a third consecutive session on the back of strong short covering in midcap and select private banks. It saw a sharp surge in the second half from the low of 18655, as it ended positive at 19099

 

FII Activity

* Foreign institutional investors (FII) were net sellers to the tune of Rs. 514 crore on May 26, 2020. In the debt segment, they sold almost Rs. 20450 crore for the month

 

INR futures and Outlook

Currency futures on NSE

* The dollar-rupee contract on the NSE was at 75.79 in the last session. The open interest fell by almost 4.1% during the last session

* The Dollar index fell towards its lowest levels since March 16 as US market rallied nearly 4% for the week. We feel EM currencies will witness a round of appreciation

 

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