As per the ICIC Direct’s report on USDINR, the Indian rupee has sharply gained and has jumped up hitting an 11-month high. This scene has taken place in the last trading session.
This outstanding rupee performance is the result of amid FII inflows as well as weakness in the dollar index.
Both the continued positive FII inflows and the fragile dollar index are helping the Indian rupee to surge up with its performance.
However, more on the international market, the Euro has moreover remained rigid against the dollar.
This happened on the back of strong growth on regional basis on the back of expected better performance due to vaccine drive.
The ongoing rally of fiscal stimulus in the USA is also one of the reasons helping Euro. The Euro is currently hovering above 1.20 levels which is a good sign.
Coming towards the currency futures on NSE, the USDINR futures had a sharp decline in the previous session.
The futures have tumbled down to their lowest levels as per their last 11 months.
As per the experts, the current trend is likely to continue with rupee resting at 72.50 levels in the upcoming sessions.
Further, the dollar-rupee contract was settled at Rs 72.74 for the February session on NSE in the last session.
The open interest rate also surged up by approximately 1 percent during the February series.
As of now, trends are indicating selling of USDINR in the range of 72.83-72.87 for a target of 72.65/72.55. The current stop loss is around 72.95 levels.
Also, currently the rupee-dollar contract has full support at 72.65/72.55 levels and the resistance level is at 72.95/73.05 levels.
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