Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
25 May, 2018 19:58 IST
Sell USD/INR May futures in 64.60-64.70 range: ICICIdirect
Source: IRIS | 18 May, 2017, 09.20AM
Comments  |  Post Comment

  ICICIdirect expects the USD to meet resistance at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. May futures in the range of 64.60-64.70  with target 64.30-64.20.''

The rupee edged lower against the USD, as state-run banks stepped up dollar purchases, erasing gains from broad USD weakness caused by soft housing data and political turmoil in the US.

The US dollar declined sharply due to rising political concerns around the US President's alleged sharing of information with a Russian minister. The USDJPY pair fell sharply over 2% on strong safe haven buying while reflation trades took a hit as market participants viewed the economic agenda while taking a backseat over the recent turn of events.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.25. The May contract open interest declined 4.89% from the previous day. June contract open interest increased by 4.70% in the last session.

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.

Comments Post comment 
 Post Comment
Name Email
Security Code type    into this box
Expert Speak
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer