ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR August contract to buy. Buy USD/INR August futures in the range of 64.01-64.11 with target 64.27-64.42.''
The rupee ended unchanged against the US dollar, as importers' monthend demand for the US currency offset a global weakness in the greenback ahead of the Federal Reserve's two-day policy meet outcome. The Indian currency ended the day on flat note at 63.91. The dollar index against six major currencies ended at 97.16, up 0.52% from the previous close of 96.65.
In the currency futures market, the most traded dollar-rupee August contract on the NSE closed at 64.26. The August contract open interest was up 8.86% from the previous day. The September contract open interest was up 11.45% from previous day.
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