USDINR Futures: Buy October futures for these intraday targets; get strategy in EURINR, GBPINR futures too

USDINR October Futures are trading with a positive bias on Monday at 75.17, up 14 paise or 0.19 per cent from the last closing at 75.03 on Friday. Reaction on the rupee was muted after the release of the Reserve Bank of India’s (RBI) Monetary Policy statement but at the same time strength in the dollar against its major crosses has kept the rupee weighed down, a Motilal Oswal report said. 

The dollar rose to the highest level in two and half years as the market expects that the Fed could announce it will start tapering its massive bond-buying next month, this report said. 

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It has a buy recommendation on USDINR October futures. 

Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities also has a buy recommendation on the USDINR futures. Buy at 75.15 with a stop loss at 74.90 while suggests the target at 75.50, Gupta said. 

The brokerage firm expects the USDINR(Spot) to trade with a positive bias on Monday and quote in the range of 74.70 and 75.30. 

See strategy on some other currency futures.    

EURINR (October) – EURINR was trading at 87.11 on Monday around at this time, up by 0.39 per cent or 34 paise from the previous closing price of 86.77. It attained a high of 87.11 on the intraday basis. Gupta recommends a Buy at 87.05 with a stop loss at 86.70 and target 87.80. 

Meanwhile, Motilal Oswal takes a contrary stand on EURINR October futures recommending a sell on it.   

GBPINR (October) – GBPINR was trading at 102.79 on Monday at the closing time, up by 0.55 per cent or 56 paise from the previous closing price of 102.23. The intraday high was 102.79. He recommended a buy at 102.30. He puts the stop loss at 101.80 while the target at 103. 

Motilal Oswal also recommends a buy on October futures.   

JPYINR (October) – JPYINR September Futures ended and was trading at 66.68, down by 37 paise or 0.56 per cent from the previous closing price of 67.06. It attained a high of 66.73 on the intraday basis.  

Both, Gupta and Motilal Oswal have no strategy on JPYINR October futures. 

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)