Forex Market News

Sell US$INR November Fut ; Target Of 67.95/ 67.75

USDINR Nov futures opened flat and prices consolidated for most of the session in the range of 68.10-68.30. Prices have taken resistance near June month’s high of 68.31 and corrected in the intraday till 68.07. Prices have been rallying in the previous few sessions after breaking out from triangle candlestick pattern and are expected to correct from this level towards next strong support placed around 67.70 level.
Government bonds jumped to record highs, as banks continued to buy debt after the government move to demonetise high-value currencies helped boost cash at banks. Expectations of a near-term rate cut have also increased since a rise in bank depositsThe benchmark 6.97% bond maturing in 2026 ended at | 104.80, highest since issuance against | 103.80 the previous day The benchmark 6.97% 2026 bond yield fell to 6.31% from 6.43% on the previous day.
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