Utilise downsides in the pair to initiate long positions, says ICICIdirect
The Indian rupee has recovered marginally but trading lower by 12 paise at 70.93 per dollar versus Tuesday's close 70.81.
The Indian rupee extended losses for the fourth session on Tuesday, dropping 8 paise to 70.81 against the US dollar ahead of the RBI's monetary policy decision. Unabated foreign fund outflows and higher crude oil prices have taken a toll on the domestic currency's health, reported PTI.
In the past four sessions, the Indian unit has lost 202 paise, it added.
The dollar-rupee August contract on the NSE was at 70.99 in the previous session. Open interest increased 4.53% in the previous session, said ICICIdirect.
We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.
Get Best Options Trading Chart in Stock Market and Get Free Trial For More Information Contact us @9644405057
No comments:
Post a Comment