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24 July, 2017 04:07 IST
Sell USD/INR July futures in 64.50-64.60 range: ICICIdirect
Source: IRIS | 13 Jul, 2017, 09.03AM
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ICICIdirect expects the US dollar to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. July futures in the range of 64.50-64.60 with target 64.30-64.20.'' 

The rupee rose against the USD, on the back of strength in major currencies against the US$ ahead of the Fed chief's testimony. The USD traded on a mixed note against major currencies. The Japanese Yen gained its previous losses while the euro pared gains, which led to mild strength in the USD index.

Fed chief Janet Yellen raised concerns on inflation in her testimony but failed to provide a timeline on asset unwinding. The US dollar as well as sovereign yields declined tracking dovish statements from the Fed chief.

In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 64.68. The July contract open interest increased 4.97% from the previous day. August contract open interest increased 28.87% in the previous session.

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