ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR July contract to buy. Buy USD/INR July futures in the range of 63.72-63.82 with target 63.98-64.10.''
The Rupee traded in a narrow range and settled with marginal losses against the U.S. dollar, as investors await Greece's bailout negotiations ahead of a key debt repayment deadline due next week. The Indian currency ended the day at 63.62, down 0.04% from the previous close of 63.60. The dollar index against six major currencies ended at 95.21, down 0.08% from the previous close of 95.28.
In the currency futures market, the most traded dollar-rupee June contract on the NSE closed at 63.60. The June contract open interest was down 24.40% from the previous day. July contract open interest was up 38.44% from the previous day.