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24 August, 2017 01:12 IST
Sell USD/INR August futures in 63.97-64.07 range: ICICIdirect
Source: IRIS | 09 Aug, 2017, 09.08AM
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ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides to go short on the USDINR pair. August futures in the range of 63.97-64.07 with target 63.80-63.75.''

The rupee rose vs. the USD, as some Federal Reserve officials favoured holding rates at current levels amid signs of subdued inflation in US. USD posted mild gains against major currencies on the back of sharp profit booking in Euro and British pound.

Risk escalation and war rhetoric between the US President and the North Korean leader weighed on risk sentiment. Japanese Yen rose sharply against all majors on the back of a sharp spike in safe haven demand. USD will track developments in Korean peninsula ahead of Fed official's speeches this week.

In the currency futures market, the most traded dollar-rupee August contract on the NSE ended at 63.80. The August contract open interest declined 13.18% from the previous day. September contract open interest increased 3.92% in the previous session.

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