Jan 06, 2017
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ICICI Direct's report on currency Debt market Government bonds witnessed marginal selling after sharp buying was seen in the penultimate session ahead of weekly auction. However, we believe buying momentum will continue in bonds in anticipation of a rate cut by the central bank in February.
The benchmark 6.97% 2026 bond yield remained almost unchanged at 6.39% from 6.38% in the previous day • Yield on the US 10-year yield declined sharply from 2.44% to 2.34% on Thursday Forex (US$/INR) The rupee rose to a near one-week high against the dollar, as banks sold the greenback and local shares edged higher, easing concerns about capital outflows.
The US$ index slipped against a basket of major currencies after US inflation and unemployment data failed to reverse a downtrend that followed some of the biggest gains on record for China's yuan. US treasury debt yields slipped as investors grew uncertain about the incoming Trump administration US$/INR derivatives strategy: Buy January Contract In the currency futures market, the most traded dollar-rupee January contract on the NSE ended at 68.11.
The January contract open interest rose by 6.01% from the previous day • February contract open interest rose 27.99% from previous day • We expect the US$ to find resistance at higher levels. Utilise upsides in the dollar to go short on the US$INR pair.
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