The US dollar is expected to garner buying support on declines against the rupee. one can utilise declines in the US$/INR August contract to buy, says ICICIdirect.com
Forex (US$/INR)
The rupee rose slightly on Tuesday as gains in local shares improved sentiment even as global currency markets continued to see-saw because of conflicting signs coming from geo-political flashpoints such as eastern Ukraine.
The Indian currency ended the day at 61.08, up 0.15% from its previous close of 61.17
The dollar index against six major currencies closed at 81.52, up 0.07% from its previous close of 81.46
US$/INR derivatives strategy: Buy August contract
In the currency futures market, the most traded dollar-rupee August contract on the NSE closed at 61.29. The August contract open interest was up 0.88% from the previous day
September contract open interest was up 13.18% from the previous day
We expect the US dollar to garner buying support on declines against the rupee. Utilise declines in the US$/INR August contract to buy.
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