USDINR: (Bias-Downward drift.
Support Sept futures – 82.55 and 82.40
Resistance- 82.80 and 83.00)
In the Asian markets today, there is a prevailing attitude of increased risk appetite, leading to a weakened position for the US Dollar due to cooling US yields. The price movement of USDCNH indicates the potential for a significant price decrease, perhaps reaching around 7.12/14 in the upcoming weeks. Should this scenario unfold, it could also prompt a decline for the US Dollar against other Asian currencies, including the USDINR.
Nonetheless, if USDCNH breaks above its recent highs at 7.35/36, the bearish predictions would become invalid, causing us to shift our perspective towards targeting notably higher levels.
Regarding USDINR, a downward trend is evident, maintaining as long as prices remain below the 82.71/72 levels on spot. Support can be identified around the 82.50 mark, followed by 82.35 on spot. Traders might consider initiating short positions on USDINR, with a stop and reversal strategy above the 82.72 levels on a spot basis.
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Today is monthly expiry of USDINR.
The treatment here is same as weekly expiry.
All contracts expiring today will settle at FBIL (RBI) reference rate, at 12:30 pm.
There is no penalty if one let's the contract go in auto-expiry. OTM.strikes will expire worthless.
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