Forex Market News

Buy USDINR; Target Of 67.95

US dollar index is trading at 102.96 and has traded in a narrow range of 102.80 – 103.20 . Existing home sales data print was better than expected but traders seemed to focus on the upcoming holiday session to lock in the profits. Expect no major fireworks in the currency markets but the US data in the evening will add some sparks to an otherwise dull holiday thinned session.
In the currency futures market, the most traded dollar-rupee December contract on the NSE ended at 67. 94. The December contract open interest rose slightly by 0.37% from the previous day. January contract open interest fell 2.13% from previous day . We expect the US$ to gain supports at lower levels. Utilise downsides in the dollar to go long on the US$INR pair.
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