The Indian rupee has been depreciating since two consecutive days straight. The currency is losing value against dollar.
Where the dollar is strengthening day by day, it is causing losses in the Indian currency. The rupee has depreciated by 12 paise and has closed at Rs 73.04 against the US dollar on Thursday.
Also, the muted domestic equities are one of the important factors responsible for this deceased value.
The US Federal Reserve has given a call for more inflation in the market. It kept its bond purchase program benchmarking the prevailing interest rates in the market.
As per the ICICI direct report on USDINR, the dollar-rupee contract has moved up once again. Once again, the pair is up beyond 73 levels due to continued fragility in Indian equities.
Now, for the February series, the Call base is settled at 73.50. This settlement is an immediate obstacle for the pair.
Moving on to the intraday, selling USDINR is possible in the range of 73.28 – 73.32. This range is however, applicable for the February Futures contract on the NSE index.
The current market lot is US $1000 with a stop loss of 73.42. On a contrary, the resistance is somewhere around 73.42/73.49.
According to the current trends, the market data is showing a support of 73.05/72.90. It is also necessary to know that the open interest rate declined by 7% for the February series.
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