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21 May, 2018 08:47 IST
Sell USD/INR April futures in 64.65-64.75 range: ICICIdirect
Source: IRIS | 21 Apr, 2017, 09.06AM
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ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. April futures in the range of 64.65-64.75 with target 64.40-64.30.''

The rupee trimmed intraday losses to end with minor gains, as strong domestic equities helped the currency tide over the global uncertainty ahead of the French presidential polls this weekend. Central bank minutes showed risks remain to inflation on the upper side.

The dollar index ended almost at the same levels as gains over JPY were offset by losses against GBP. USD also got a boost as Treasury Secretary Steve Munchkin talked about unveiling a tax reform plan very soon.

We expect the forex market to remain on an edge ahead of French presidential polls over the weekend. In the currency futures market, the most traded dollar-rupee April contract on the NSE ended at 64.60. The April contract open interest fell 3.54% from the previous day. May contract open interest rose 0.84% from the previous day.

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