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Published on 23/11/2020 11:34:13 AM | Source: ICICI Direct

The dollar-rupee November contract on the NSE was at 74.18 in the last session. - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Daily Snapshot

INR Futures

The rupee appreciated around 10 paisa in the last session as significant inflows continued in domestic equities

The Dollar index is moving towards 92 levels while dollar weakness is prompting gains among emerging market currencies. Foreign inflows were significantly higher among EMs while India saw inflows of more than $6 billion into equities in November itself

Global Bonds

The Nifty witnessed some follow-up buying and moved towards 12900. However, sustaining at the same pace seems difficult at 13000. The index witnessed profit taking action in a few heavyweight stocks

On the back of participation from HDFC Bank and Kotak Mahindra Bank, the index moved towards 29200. On the options front, maximum Call OI is at 29500 followed by 30000 strikes. On the other hand, 28000 Put holds significant OI. This indicates possible consolidation between these levels in the expiry week

FII & FPI Activities

Foreign institutional investors (FII) were net buyers to the tune of | 1422 crore on November 19, 2020. They bought worth | 2188 crore in the equity market whereas they sold worth | 766 crore in the debt market

Rupee Outlook and Strategy

US$INR has moved closer to its highest Put base of 74 strike and considering continued weakness in Dollar index along with FII inflows, it may breach these levels as well. In such a scenario, the rupee may move towards 73.50 in the short-term

The dollar-rupee November contract on the NSE was at 74.18 in the last session. The open interest fell almost 1% for the November series contract

 

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