ICICIdirect expects the US dollar to find resistance near 67.20-67.25 ''Utilise upsides in the USD/INR December contract to short. Sell USD/INR December futures in the range of 67.15-67.20 with target 66.70-66.60.''
The rupee recovered from early losses, gaining for the first time in three sessions against the US dollar, aided by greenback sales by exporters and banks ahead of the RBI’s monetary policy review on Tuesday. The Indian currency ended the day at 66.67, appreciating almost 0.13% from the previous close of 66.76. The dollar index remained above the 100 mark against six major currencies and ended at 100.20, up 0.12% from the previous close of 100.08.
In the currency futures market, the most traded dollar-rupee December contract on the NSE ended at 66.99. The December contract open interest was up marginally by 0.61% from the previous day. January contract open interest was up 0.21% from the previous day.
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