Published on 21/07/2020 10:46:37 AM | Source: ICICI Direct

The rupee continued to strengthen against the dollar - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Forex and global equities

Spot Currency

* The rupee started the week on a positive note and appreciated by 11 paise to close below 75. A choppy Dollar index and positive domestic equities continued to drive the rupee

* Choppiness in the Dollar index continued but it bounced from its bottom and moved towards 96 levels. Selling was seen in EUR/US$, which added to US dollar buying


Global Bonds

* The Nifty consolidated with a positive bias during the week and was able to recover from lower levels of 10550 on fresh additions. The index is likely to test 11000, 11200 in coming weeks with support at 10750

* Banking heavyweights have remained underperformers and a leg of short covering is expected in these stocks. This is expected to keep indices at higher levels


FII Activity

Foreign institutional investors (FII) were net buyer to the tune of | 866 crore on July 16, 2020. They bought | 803 crore in the equity market and | 63 crore in the debt market. FIIs have bought close to | 3091 crore in the July series as of now


INR futures and Outlook

Currency futures on NSE

* The rupee continued to strengthen against the dollar. It has moved below 75 levels. We feel the rupee could move towards 74.5 levels in the coming days

* The dollar-rupee contract on the NSE was at 74.84 in the last session. The open interest rose 11.4% in the last session


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