Rebound in rupee from record lows drags ICEX diamond futures
On ICEX, May diamond ended at Rs 3,829, down 0.6 per cent.
By Sutanuka Ghosal, ET Bureau |
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Diamond futures on ICEX were down 0.6 per cent factoring a smart pullback in rupee against the dollar.
Indian currency, which hit its lowest level of a little below 77 in kerb deals Thursday, strengthened today on global cues as reports of successful human trials of corona vaccine raised risk appetite.
On ICEX, May diamond ended at Rs 3,829, down 0.6 per cent. Over 1,150 lots declined in open interest amid long liquidation.
RBI liquidity management steps coupled with likely stimulus in a day or two also supported a rebound in rupee, which has inverse correlation with diamond.
"The May contract has intraday support at Rs 3,822 and Rs 3815 while Rs 3,839 and Rs 3,844 are major resistances," said Kunal Shah, research head of Nirmal Bang.
Indian currency, which hit its lowest level of a little below 77 in kerb deals Thursday, strengthened today on global cues as reports of successful human trials of corona vaccine raised risk appetite.
On ICEX, May diamond ended at Rs 3,829, down 0.6 per cent. Over 1,150 lots declined in open interest amid long liquidation.
RBI liquidity management steps coupled with likely stimulus in a day or two also supported a rebound in rupee, which has inverse correlation with diamond.
"The May contract has intraday support at Rs 3,822 and Rs 3815 while Rs 3,839 and Rs 3,844 are major resistances," said Kunal Shah, research head of Nirmal Bang.
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