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21 July, 2017 20:45 IST
Sell USD/INR July futures in 64.50-64.60 range: ICICIdirect
Source: IRIS | 17 Jul, 2017, 09.06AM
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ICICIdirect expects the US dollar to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. July futures in the range of 64.50-64.60 with target 64.25-64.15.'' 

The rupee posted its first weekly rise in five weeks against the USD, as foreign fund inflows rose amid broad dollar weakness after Federal Reserve Chair Janet Yellen's less hawkish comments on the pace of US interest rate hikes.

The USD fell sharply against major currencies weighed down by a downtick in USU inflation growth rate. June core CPI YoY growth fell to 1.6% from 1.7% seen in May ahead of Fed Monetary policy meeting next week. Japanese Yen and Euro continue to post gains while the pound also rose on expectations of hawkish BoE assessment next month.

In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 64.54. The July contract open interest increased 2.78% from the previous day. August contract open interest increased 8.03% in the previous session.

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