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28 May, 2018 04:41 IST
Sell USD/INR June futures in 64.50-64.60 range: ICICIdirect
Source: IRIS | 14 Jun, 2017, 09.02AM
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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 64.50-64.60 with target 64.25-64.15.'' 

The rupee rose for the first time in three sessions against the USD, as a fall in May retail inflation supported gains in the rupee on expectations of improving macro fundamentals. The USD remained defensive ahead of the US FOMC meeting today.

The Fed is widely expected to raise benchmark rates by a quarter percentage point. Traders await Fed's economic outlook assessment for cues on the pace and quantum of further rate hikes in the near term. USDJPY could rally sharply if fed remains hawkish in today's meeting.

In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.48. The June contract open interest declined 0.76% from the previous day. July contract open interest increased 0.89% in the last session.

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