ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR June contract to buy. Buy USD/INR June futures in the range of 63.96-64.06 with target 64.22-64.40.''
The rupee erased early gains to end little changed against the US dollar, as banks stepped up purchases of the greenback ahead of the release of key economic data from India and the US. The Indian currency ended the day at 63.81, down 0.02% from the previous close of 63.80. The dollar index against six major currencies ended at 96.89, up 0.01% from the previous close of 96.88.
In the currency futures market, the most traded dollar-rupee June contract on the NSE closed at 64.18. The June contract open interest was down 1.7% from the previous day. July contract open interest was up 4.37% from the previous day.
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