Free Currency Tips ( Call - 9094047040)

Free Currency Tips ( Call - 9094047040)

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Debt market

• Government bonds bonds rose for a second day, hitting record highs, as the central bank’s move to ensure sufficient surplus cash at banks boosted demand for debt

• The benchmark 7.59% bond maturing in 2026 ended at | 103.31, highest since its issuance vs. the previous close of | 102.81

• The benchmark 7.59% 2026 bond yield ended at 7.10%, down 3 bps from previous close

Forex (US$/INR)

• The rupee rose to a two-month against the dollar, as weak US productivity data reduced hopes of an interest rate increase by the Federal Reserve

• The dollar index against six major currencies ended at 95.65, down 0.55% from the previous close of 96.18 Equity

• Equity benchmarks ended over 1% lower on Wednesday to register the highest single day loss in percentage terms since June 24, the day of Brexit verdict amid intensified profit bookings

• The Sensex fell 310 points or 1.10% to 27774 while the Nifty lost 102 points or 1.24% to end at 8575 levels

• The broader markets also fell in line with the benchmarks as the BSE midcap and small cap indices lost ~1% each. The overall market breadth was negative with an A/D ratio of 1:2.26 on the BSE

Commodities Market

• Crude oil prices fell on Wednesday. They were unable to sustain gains as  a rise in US oil inventories fuelled concerns on supply glut
• Gold prices ticked on the higher side as disappointing

 US economic data
softened US dollar raising doubts whether the US Fed would raise rates

 US$/INR derivatives strategy: Sell August Contract

• In the currency futures market, the most traded dollar-rupee August contract on the NSE ended at 66.90. The August contract open interest rose 10.74% from the previous day

• September contract open interest was up 20.74% from the previous day

• We expect the US dollar to meet supply pressure on rallies. Utilise upsides in dollar to go short 

Free Currency Tips ( Call - 9094047040)

Free Currency Tips ( Call - 9094047040)

Free Currency Tips ( Call - 9094047040)
Click Here  & Register To Get 2 days Trial Tips
Free Currency Tips : Join Our Whatsapp No : 9841986753

USDINR US dollar index is trading at 96.16 , appreciating in Friday’s trade after better than expected nonfarm payrolls data was reported on Friday . Renewed talks about a rate hike from the US FED helped the US dollar appreciate against the majors . There is no major economic data to be reported today and the strong tone of the US dollar is likely to continue.

USDINR The  Pair opened  marginally lower and gradually corrected  towards the lower band of support. At this juncture, pair  has a strong support near 66.90 which coincides with the  200 - SMA any break below this level will trigger sharp  correction towards 66.72 / 66.52 levels respec tively. On  the other side, 67.15 / 67.28 will be an immediate  resistance.

US$/INR derivatives strategy: Sell August Contract   • In the currency futures market, the most traded dollar-rupee August  contract on the NSE ended at 67.

The  August contract open interest rose  3.02% from the previous day  • September contract open interest wa s up 16.48% from the previous day  • We expect the US dollar to meet supply pressure on rallies. Utilise  upsides in the US dollar to sell

Forex (US$/INR)   • The rupee posted its biggest weekly gains in three weeks against the  dollar, as the Bank of England’s larg er-than-expected monetary stimulus  boosted emerging assets  • The dollar index against six major cur rencies ending at 96.19, up 0.46%  from the previous close of 95.75  

EURINR Euro is trading at 1.1096 , recuperating the losses from Friday after testing the 1.1050 level . Strong payrolls data from the US pushed the Euro lower but the shared currency came back to its anchor level of 1.11 in the continued trade . Some key economic data from Germany is scheduled for the week but we believe that the Euro would continue to remain on the sidelines with a limited range of 1.11 and 1.12.

EURINR After a sharp decline in its previous trading session, pair  opened lower with a mild gap  and corrected during the  initial hour of trade. Subsequently, we witnessed  marginal recovery during the second half as a result the  daily chart formed a doji pattern.  

GBPINR opened for the second consecutive session lower  and gradually corrected during the first half.  Subsequently, we saw mild recovery however pair ended  the session well inside the negative territory. The daily  candle resembles a doji which indicates indecisio n. Also,  the RSI (14) momentum indicator refused to go below 40  mark.

Debt market   • Government bonds rose for a second day, after the Government of India  maintained the central bank’s inflation goal at 4% with a two percentage  points swing on either sides through March 2021  • The benchmark 7.59% bond maturing in 2026 ended at | 102.86 against  the previous close of | 102.84  • The benchmark 7.59% 2026 bond yield was unchanged at 7.17%