Indian Rupee posts biggest daily gain in 9 months on Friday - Nirmal Bang

The Indian rupee posted its biggest daily gain in nine months on Friday, fuelled by a robust rally in local stocks, with the government's move to raise gas prices for the first time in three years also aiding sentiment.

The substantial unwinding seen in OIs to the tune of ~78,000 contracts at 60.00PE indicates strong resistance for the pair, followed by addition in OIs at 60.00CE.

The addition seen in 59.00PE followed by a decline in IVs would act as strong support for the pair.

IVs of call options have declined marginally as compared to put option IVs.

Dollar is trading firm against major currencies on back of economic data and central bank meetings lined up this week. Expected range for the pair 59.40-59.85.

Source : Equity Bulls

Keywords