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22 April, 2018 21:40 IST
Sell USD/INR May futures in 64.70-64.80 range: ICICIdirect
Source: IRIS | 11 May, 2017, 09.21AM
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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 64.70-64.80 with target 64.45-64.35.''

The rupee logged the worst fall against the USD in nearly five months, on USD demand and importers covering payables. Major currencies remained in a range in the absence of any major triggers. The US$JPY continued to gain due to an almost certain US interest rate hike next month while the BoJ still remains committed to extend monetary stimulus. The British pound remains on the edge ahead of today's BoE policy meeting paring yesterday's intra day gains.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.78. The May contract open interest declined 9.35% from the previous day. June contract open interest increased 6.26% in the last session.

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