ICICIdirect expects the USD to find resistance at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. June futures in the range of 64.65-64.75 with target 64.40-64.30.''
The rupee covered intraday losses due to upbeat domestic equities and expectations of foreign fund inflows offset USD strength. The USD witnessed profit booking against major currencies as investors doubted the Fed's ability to raise interest rates in the face of weak inflation and recent sluggish employment data.
Overall, the USD could remain in a range as the dollar index has near term supports at 96-level. Political concerns surrounding the US President also weighed on USD.
In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.59. The June contract open interest increased 2.14% from the previous day. July contract open interest increased 0.14% in the previous session.
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