The rupee depreciated almost 1% after moving to a one-year high and closed at 73.46 levels - ICICI Direct
INR Futures
* A sharp sell-off was seen in most currencies as US bonds moved sharply. The rupee depreciated almost 1% after moving to a one-year high and closed at 73.46 levels
* The dollar index on Friday rallied to a one-week high. Weakness in EUR/US$ and strength in US$/JPY on Friday gave the dollar a boost. The dollar also extended its gains on better-than-expected US economic data
Global Bonds
* The Nifty opened significantly lower on account of weak global clues, followed by profit booking. Advance/decline ratio was in favour of bears
* On Friday, the Bank Nifty witnessed significant losses as it remained under pressure throughout the day. Relentless selling was seen in leading private as well as PSU banks
FII & FPI Activities
Foreign institutional investors (FII) turned net sellers to the tune of | 238 crore on February 24, 2021. They bought worth | 1790 crore in the equity market and sold worth | 2028 crore in the debt market
US$INR futures on NSE
* The US$INR March futures closed at 74.19 levels as a sharp up move was seen on the back of rising US yield and huge sell-off in domestic equities. We feel the rupee is likely to consolidate near 74 levels
* The dollar-rupee March contract on the NSE was at | 74.19 in the last session. The open interest increased almost 1.99% in the March series
US$INR Strategy
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