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28 May, 2018 04:40 IST
Sell USD/INR June futures in 64.48-64.58 range: ICICIdirect
Source: IRIS | 15 Jun, 2017, 09.07AM
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ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. June futures in the range of 64.48-64.58 with target 64.25-64.15.'' 

The rupee rose for a second day against USD, in line with most Asian peers and tracking gains in domestic equities, even as most traders stayed on the sidelines ahead of the Fed's policy.

The USD witnessed profit booking even though Fed increased interest rates as per expectation by 0.25%. Fed assessed recent drop in inflation as transitory. Market participant however remain susceptible in achieving inflation targets. USDJPY fell sharply supported by safe haven buying as weak dollar spurred gains in major currencies.

In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.41. The June contract open interest declined 0.03% from the previous day. July contract open interest increased 1.87% in the last session.

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