Expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, says ICICIdirect.
Moneycontrol News
@moneycontrolcom
The Indian rupee is trading flat at 70.87 per dollar against previous close 70.89.
The rupee dropped 8 paise to finish at 70.89 against the US dollar on August 7 after the RBI cut the key interest rate and lowered the growth estimate for the current fiscal. This is the fifth straight session of loss for the domestic currency, during which it has lost a hefty 210 paise, said PTI.
The dollar-rupee August contract on the NSE was at 71.01 in the previous session. Open interest increased 4.69 percent in the previous session, said ICICIdirect.
We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.
First Published on Aug 8, 2019 02:15 pm
