Diamond futures fall on ICEX amid sharp rebound in rupee

Diamond futures on ICEX fell on Wednesday following a sharp rebound in rupee against the US dollar.

The May diamond 1ct contract was at Rs 3,828 per cent, down nearly Rs 23 from the previous session. The contract over 1,780 lots in open Interest indicating long liquidations.

Faacebook's decision to invest 5.7 billion dollars in RIL JIO Platform helped good recovery in the equity market and propped up rupee by 0.6%.


Likely government sops to Covid-hit economy, however, may again weigh on rupee.

"The May contract has support and resistance of Rs 3,821 and Ra 3,815 in the next couple of sessions and resistance at Rs 3,849 rupees," said Akshay Agarwal of Acumen Capital.