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27 July, 2017 12:06 IST
Sell USD/INR May futures in 64.55-64.65 range: ICICIdirect
Source: IRIS | 15 May, 2017, 09.07AM
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  ICICIdirect expects the USD to meet resistance at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. May futures in the range of 64.55-64.65 with target 64.25-64.15 .''

The rupee rose for a second day against the USD, supported by expectations of sustained foreign fund inflows into the domestic markets. Major currencies posted a recovery against the USD, which came under profit booking after inflation data.

US core CPI fell further to 1.90% in April from previously 2%. Euro posted a sharp recovery while the British pound remained in a range as BoE’s dovish assessment weighs on any sharp gains. We expect the euro to gain further over the US$ on recent pro-Euro political development in France.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.44. The May contract open interest rose 0.08% from the previous day. June contract open interest rose 3.67% in the last session.

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