The rupee reverted 8 paise and ended near 74.62 in the last session - ICICI Direct
Daily Snapshot
* The rupee reverted 8 paise and ended near 74.62 in the last session. We feel the rupee would remain in a range in the coming days
* The dollar fell moderately as a rally in stocks curbed liquidity demand for the dollar. The S&P 500 rallied to a new record high on Friday after China’s central bank boosted liquidity in the financial system by cutting.
* The Nifty opened lower where it faced selling but reversed from lower levels. Sectorally, buying was seen in metals, media and pharma while selling was seen in banking and financial services. As per options data, 15700 and 15800 Call option hold significant OI, which should act as resistance
* On Friday, the Bank Nifty witnessed selling for a second consecutive day as it closed with a loss of more than 0.40%. According to options data, 35500 Call option witnessed healthy OI addition, which should act as resistance
* Foreign institutional investors (FII) turned net buyers to the tune of | 539 crore on July 8. They sold worth | 641 crore in the equity market and bought worth | 102 crore in the debt market
Rupee Outlook and Strategy
* The US$INR pair approached its sizeable Call base of 75 and reverted as Call writers are dominating at higher levels. We feel a leg of profit booking should take the pair towards 74.5 in coming days
* The dollar-rupee July contract on the NSE was at | 74.78 in the last session. The open interest rose 1.2% for the July series
US$INR Strategy
To Read Complete Report & Disclaimer Click Here
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
