Buy USDINR above 54.40: ICICIdirect.com

ICICIdirect.com has come out with its report on currency.  According to the research firm, one can buy USDINR above 54.40 with a stoploss of 54.31 for a target of 54.58-54.66.

The Indian rupee fell marginally on Monday on continued dollar demand from oil importers but losses were capped by expectations of inflows from a spate of share sales. The INR ended at 54.49/50 dollar, up from the previous day's close of 54.47/48. The dollar index against six major currencies was at 80.32, down 0.1% from the previous day's close. Derivatives strategy: Buy December contract

In the currency futures market, the most traded dollar-rupee December contract on the NSE closed at 54.70. The December contract open interest was down 2.9% from the previous day. The January contract open interest was up 4.4% from the previous day. We expect the US dollar to attract buying support on declines against the INR. Utilise the lows in the USDINR December contract to buy.

Intraday Strategy:

Buy USDINR above 54.40, stoploss-54.31, target-54.58-54.66, support-54.40-54.20 and resistance-54.85-55.05.

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