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Published on 18/09/2020 10:41:32 AM | Source: ICICI Direct

The dollar index rose to a one-week high but was last little changed on the day - ICICI Direct

Posted in Top Stories| #Currency Tips #ICICI Direct

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Daily Snapshot

INR Futures

* US$INR futures were little changed yesterday as the dollar index reversed gains against a basket of major currencies However, weaker domestic equities provided support to the pair

* The dollar index rose to a one-week high but was last little changed on the day, as risk appetite diminished. Shares on Wall Street were lower and US treasuries were fairly well-supported

 

Global Bonds

* In the last session, the Nifty opened with a lower gap and remained highly volatile with a negative bias throughout the day. Sectorally, action was seen in pharma and technology stocks while profit taking was seen in auto, BFSI and metal stocks. However, on the option front, 11500 Put has maximum OI. This should act as strong support on downsides

* The Bank Nifty future saw sideways trade but remained firm above 22000 throughout the day. Most private and midcap banks saw supply from higher levels

 

FII & FPI Activities

Foreign institutional investors (FII) were net buyers to the tune of | 708 crore on September 16, 2020. They bought worth | 495 crore in the equity market and also bought worth | 213 crore in the debt market. In September, FIIs have bought equities worth | 4255 crore so far while in the debt market they have bought worth | 2553 crore so far

 

Rupee Outlook and Strategy

* The US Fed pledged to keep rates near zero until the labour market reaches “maximum employment” and inflation is on track to “moderately exceed” the 2% target, with most policymakers seeing rates on hold through at least 2023

* The dollar-rupee September contract on NSE was at 73.71 in the last session. Open interest in the September series fell 0.13% while it rose 9.04% in the next series

 

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