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Published on 3/06/2020 11:16:00 AM | Source: ICICI Direct

The rupee appreciated further, moved towards its highest Put base of 75 and closed the day at 75.18 - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Forex and global equities

Spot Currency

* The rupee appreciated further, moved towards its highest Put base of 75 and closed the day at 75.18. Continued risk on rally seen in risky asset classes helped the rupee to appreciate further

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

 

Global Bonds

* The buying spree continued in the Nifty for a fifth session supported by positive global cues. Sectorally, the action was seen in BFSI, technology and select auto stocks However, from the option front 9800 Put has maximum OI. This should act as strong support on downsides

* The Bank Nifty relatively outperformed the Nifty and rose almost 2.5% led by gains in Kotak Mahindra Bank, IndusInd Bank and Federal Bank. From the option space, additions were seen in 19500 and 20000 Put strikes. These levels should act as strong support on the downsides

 

FII Activity

Foreign institutional investors (FII) were net buyers to the tune of | 7106 crore on June 1, 2020. In the equity segment, they bought almost | 6933 crore in the first day of the month

 

INR futures and Outlook

Currency futures on NSE

* The dollar-rupee contract on the NSE was at 75.35 in the last session. The open interest remained almost flat in the last session for June series. Fresh OI addition was seen in July

* The Dollar index is trading below its key level of 98 as risk on rally is visible across asset classes. We believe current momentum may continue till it remains below 98 level

 

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