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Sell USDINR; target of 64.30 – 64.20: Boanz Capital

Debt market
Government bonds rose to record highs, as investors cheered the Monetary Policy Committee’s downward revision of inflation projection, raising hope of a rate cut in the near future if inflation remains subdued Bonaz Capital • The benchmark 6.97% 2026 bond yield fell sharply to 6.57% from 6.64% in the previous session • Yield on the US 10 – year rose to 2.17% from 2.15% in the previous session
Forex (US$/INR)
The rupee extended gains to end at the highest level in three weeks  against US$, after the Monetary Policy Committee maintained  key  interest rates while revising inflation projections lower • The US$  remains broadly in range as gains over Japanese Yen were  offset by losses against  British Pound.  UK’s general election s today would set the near term trend in British pound.  GBP has rallied over expectation of a Conservatives win. Any adverse outcome would lead to a sharp fall in the British Pound.ina000003197
Strategy
In the currency futures market, the most traded dollar – rupee June contract on the NSE ended at 64.52. The  June contract open interest  declined 12.26 % from the previous day • July contract open interest  increased 1.80 % in the last session • We expect  the US$ to meet supply pressure at higher levels. Utilise up sides in the pair to go short on the US$ INR pair.
Intra-day strategy
US$INR June futures contract (NSE)    View: Bearish on US$INR
Sell US$INR in the range of 64.55- 64.65    Market Lot: US$1000
Target: 64.30 / 64.20    Stop Loss: 64.75
Support    Resistance
S1/ S2: 64.44 / 64.24    R1/R2:64.60 /64.80