Currency Corner: Buy USDINR Futures for these targets; know strategy on EURINR, GBPINR, JPYINR October futures

USDINR October Futures were trading with a positive bias on Tuesday at 1 pm. The Futures were trading at 75.55, up 12 paise or 0.17 per cent from the last closing at 75.42 on Monday. The slippage in the Indian Rupee against the US Dollar is on the back of a strengthened greenback. 

At the interbank foreign exchange, the rupee opened on a weak note at 75.41, then fell further to 75.42, registering a decline of 6 paise from the last close, PTI reported. 

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In initial deals, the rupee also touched a high of 75.32 against the American currency, it said. 

On Monday, the US Dollar rose to the highest level in three years against its major crosses on the back of haven buying amid the expectations of the US Federal Reserve tapering its bond purchases next month, a Motilal Oswal report said. 

The brokerage firm maintains a buy on the USDINR October futures.  

The USDINR (Spot) is expected to trade with a positive bias and quote in the range of 75.20 and 75.80, it said.  

Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities also recommends a buy on USDINR at 75.30 with a stop loss at 75.00 while the target at 75.80. 

EURINR (October) – EURINR was trading at 87.42 on Tuesday around this time, up by 0.21 per cent or 18 paise from the previous closing price of 87.24. It attained a high of 87.46 on an intraday basis. Gupta recommends a Buy at 87.20 with a stop loss at 86.70 and a target of  87.80.  

Meanwhile, Motilal Oswal takes a contrarian view and recommends Sell in October Futures. 

GBPINR (October) – GBPINR was trading at 102.89 on Tuesday around this time, up by 0.09 per cent or 10 paise from the previous closing price of 102.79. The intraday high was 102.89. He recommended a buy at 102.30. He puts the stop loss at 101.80 while the target at 103.  

Motilal Oswal's report did not spell out a strategy on GBPINR for Tuesday. 

JPYINR (October) – JPYINR September Futures were trading at 66.78, almost flat from the previous closing price. It attained a high of 66.85 on an 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.)