USDINR WEEKLY - FOREX (16TH OCT TO 20TH OCT'2023)

USDINR

Preceding week USDINR stuck in range at 83.12 - 83.27 levels thanks to Indian Central Bank (RBI) regularly active in short term market, despite volatility spike in oil price as well as dollar index movement.

• Geopolitical scenario (Ukraine Vs Russia, Israel Vs Hamas), Oil Price Volatility, Dollar Index strength as well as Chinese Yuan weakness keeping Rupee on edge.

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• September month Indian Trade data is not so promising because Export fall to $34.7 Billion Vs. 38.5 billion as well as Import drag up to $53.84 billion from $60.10 billion but due to that country Trade balance came to $-19.37 billion Vs. $-21.65 billion.

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• Indian Foreign Exchange Reserve $584.74 billion from $586.91 billion.

Note: - USDINR weekly chart forming ascending triangle which indicate trend is bullish as far as hold triangle support line on weekly closing basis.

TECHNICAL ANALYSIS (WEEKLY CHART)

Resistance 1: - 83.30 - 83.40

Support 1: - 82.80 - 82.90

Support 2: - 82.50 - 82.60

OPTION MARKET POSITION

EXPIRY DATE	STRIKE PRICE	CALL OPTION OPEN INTEREST	PUT OPTION OPEN INTEREST	IV
20OCT23	83.25	3 LACS	3.2 LACS	2.2
27OCT23	83.25	2.4 LACS	2.4 LACS	2.5
27OCT23	83.00	2.5 LACS	5.1 LACS	2.6
27OCT23	83.50	4.1 LACS	LACS	2.7