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23 May, 2017 16:21 IST
Buy USD/INR May futures in 64.60-64.70 range: ICICIdirect
Source: IRIS | 19 May, 2017, 09.14AM
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  ICICIdirect expects the USD to find supports at lower levels. ''Utilise downsides in the pair to go long on the USDINR pair. May futures in the range of 64.60-64.70 with target 65.05-65.10.''

The rupee marked its biggest single-day fall in nearly 21 months against USD, as political unrest in the US involving President Donald Trump dented investors' appetite for risk assets.

The USD recovered slightly against major currencies due to profit booking and recovery in yields. Even though USD weakened against majors, it strengthened against most emerging currencies as recent political turmoil in the US has weighed on risk-on sentiment. We expect the USD index to find supports above 96.50 level in the near term.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.93. The May contract open interest declined 14.42% from the previous day. June contract open interest increased by 5.19% in the last session.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.



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