Rupee and Forex Movement share price target

Yesterday, the USDINR January futures pair opened on a negative note and immediately tested the level of 83.1025. Strong buying was seen near the lower levels, and the pair moved higher towards 83.2050 towards the end of the session.

USDINR January futures concluded Friday on a downward trajectory, despite firm domestic equities and FII inflows. However, a strong dollar offset the impact of inflows. Analysis of the weekly option chain shows that the highest Call open interest is witnessed at the 83.25 strike, while, on the Put side, highest open interest build-up is seen at the 83.00 strike.

USDINR January futures are expected to consolidate between 83.10 and 83.50. Trading volumes had been relatively low yesterday and price fluctuations have been subdued due to the compressed weekly schedule caused by holidays.

USDINR January futures traded in a tight range on Friday as it culminated the week at 83.27 level. Analysis of the weekly option chain shows that the highest Call open interest is witnessed at the 83.3750 strike, while, on the Put side, highest open interest build-up is seen at the 83.2500 strike.

USDINR January futures traded lower on Thursday influenced by weakness in the dollar index and FII inflows into the domestic market. Analysis of the weekly option chain shows that the highest Call open interest is witnessed at the 83.25 strike, while, on the Put side, highest open interest build-up is seen at the 83.00 strike.

USDINR December futures traded higher on Thursday influenced by outflows from the domestic market. This occurred despite continued weakness in the dollar index.

USDINR is expected to trade in a range of 83.00–83.25. Analysis of the weekly option chain shows that the highest Call open interest is witnessed at the 83.25 strike, while, on the Put side, highest open interest buildup is seen at the 83.00 strike.

USDINR is expected to trade in a range of 82.75-83.25 level. Analysis of weekly option chain shows that highest Call open interest is witnessed at 83.25 strike while, on the put side, highest open interest build up is seen at 82.75 strike.

The US Dollar (USD) in 2023 has been marked by bouts of strength and weakness

Indian rupee depreciation is likely to continue on the backdrop of falling Global Equities. Technically, USDINR is likely to trade with upward bias target of 64.60/65 in the short term.