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24 July, 2017 18:09 IST
Buy USD/INR June futures in 64.45-64.55 range: ICICIdirect
Source: IRIS | 16 Jun, 2017, 09.03AM
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ICICIdirect expects the USD to find supports at lower levels. ''Utilise downsides in the pair to go long on the USDINR pair. June futures in the range of 64.45-64.55 with target 64.75-64.85 .'' 

The rupee ended sharply lower, unable to sustain opening gains. Weak equities and a hawkish Fed stance weighed on the rupee. BoE also saw rising dissent towards an interest rate  increase, raising concerns on future inflows in emerging markets.

The USD recovered against major currencies on the back of hawkish US interest rate outlook amid a 25-bps interest rate hike. USDJPY pair gained sharply while rising on increasing monetary policy deviation ahead of BoJ's monetary meeting today. BoE kept its key interest rates unchanged while three MPC members voted for an imminent rate hike resulting in the pound gaining sharply.

In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.62. The June contract open interest declined 16.77% from the previous day. July contract open interest declined 0.11% in the previous session.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.

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