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24 November, 2017 01:57 IST
Buy USD/INR May futures in 64.40-64.50 range: ICICIdirect
Source: IRIS | 09 May, 2017, 08.59AM
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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 64.40-64.50 with target 64.70-64.90.''

The rupee rose for the first time in three sessions against USD, as victory for pro-European Union leader Emmanuel Macron at the French presidential election spurred a rally in risk assets. Risky assets continued to gain over the outcome of French presidential elections.

USD and Japanese Yen faced selling over subsiding risk aversion. We expect British pound to see some profit booking at this levels while the US$ may remain in a range against major currencies.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.48. The May contract open interest declined 0.75% from the previous day. June contract open interest increased 3.47% in the last session.

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