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INR Futures

* The rupee gained 5 paise in the previous session against the US dollar and ended at a new weekly high. Positive FII inflows and weakness in the Dollar index were the major reason

* The Dollar index remained depressed ahead of the CPI data and Fed Chair Jerome Powell’s speech. It made a fresh low near 90.3 levels. Improvement in risk appetite weighted on the dollar

Global Bonds

* The Nifty had a very volatile day but managed to end in the green. On the options front, 15000 Put holds significant OI that should act as immediate support on downsides while on the upside 15200 and 15300 Call has noteworthy OI and should cap gains on the higher side

* The choppiness in banking stocks continued as few leading private banks saw profit booking. In the weekly options space, 36000 Call option has significant OI, which should be immediate hurdle on the higher side, while on the lower side 35500 Put has noteworthy OI that should provide support

FII & FPI Activities

* Foreign institutional investors (FII) remained positive as they bought to the tune of | 3393 crore on February 8, 2021. They bought worth | 3307 crore in the equity market and sold worth | 86 crore in the debt market

US$INR futures on NSE

* The US$INR future finally slipped below 73 levels on closing basis, which will keep the rupee pair depressed. We feel upsides could be limited due to sharp sell-off in the Dollar index and rise in Euro and GBP

* The dollar-rupee February contract on the NSE was at | 72.93 in the last session. The open interest increased by 0.5% for the February series

US$INR Strategy

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