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21 November, 2017 15:52 IST
Buy USD/INR July futures in 64.90-65 range: ICICIdirect
Source: IRIS | 04 Jul, 2017, 09.10AM
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ICICIdirect expects the USD to find supports at lower levels. ''Utilise downsides in the pair to go long on the USDINR pair. July futures in the range of 64.90-65.00 with target 65.30-65.40.'' 

The rupee fell to a six-week low amid a rebound in the USD and on concerns about tapering of liquidity after major central banks signalled a scale-back in their monetary stimulus. The USD posted a decent recovery against major currencies on the back of short covering as well as stronger manufacturing data.

US June ISM manufacturing index was higher at 57.8 against previously 54.9. USDJPY continued to gain on the back of divergent monetary policy expectations.
 
In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 65.09. The July contract open interest fell 1.88% from the previous day. August contract open interest increased 5.12% in the previous session.

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