ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. April futures in the range of 64.68-64.78 with target 64.40-64.30.''
The rupee posted its largest single-session gain in a week against the USD, after US President Donald Trump's comments on the USD strength weighing on rate hike sentiment. The USD continue to slide against major currencies amid the US President's comments on dollar strength and rise in geo-political risks on North Korea.
The Japanese Yen posted further gains due to safe haven buying and lower inflation
. In the currency futures market, the most traded dollar-rupee April contract on the NSE ended at 64.52. The April contract open interest rose 2.01% from the previous day. May contract open interest rose 2.64% from the previous day.
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.