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 posted its biggest single-session gain in four weeks against the USD, as normal monsoon forecast by Indian Meterological Department (IMD) lifted sentiments. Major currencies traded on a mixed note yesterday.
The British pound fell post BoE's monetary policy meeting. BoE's stance on policy over Brexit being dependent on further policy action weighed on pound. Japanese Yen posted gains against USD due to a dent to risk sentiment.
In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.51. The May contract open interest declined 5.07% from the previous day. June contract open interest declined 1.95% in the last session.
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