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26 June, 2017 07:23 IST
Sell USD/INR March futures in 66.55-66.65 range: ICICIdirect
Source: IRIS | 14 Mar, 2017, 09.01AM
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ICICIdirect expects the US dollar to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. March futures in the range of 66.55-66.65 with target 66.75-66.65.''

The rupee rose to a four-month high against the US currency, as higher US dollar sales by banks outweighed broad strength in the Dollar index on hopes of a Federal Reserve rate hike this week. The US dollar pared gains from the recent highs post US February employment data even on higher-than-expected payrolls data.

US February non farm payrolls data was at 235000 payrolls beating the estimates. However, hourly wage growth data was slightly a drag at 0.2%. US FOMC interest rate announcement would further set cues in forex markets.

In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 66.73. The March contract open interest rose 0.50 from the previous day. April contract open interest rose 3.77% from the previous day.

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Expert Speak
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