Get Annual plan at only Rs 289. We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, says ICICIdirect.
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After a weak start the Indian rupee slipped further and trading near day's low level at 72.19 per dollar, down 79 paise from previous close.
It opened lower by 55 paise at 71.95 per dollar versus Friday's close 71.40.
The rupee appreciated by 38 paise to close at a two-week high against the US dollar on Friday led by a rally in domestic equities and renewed hopes of the US-China trade talks, said PTI
At the interbank foreign exchange, the rupee opened up at 71.76 and gained further strength to touch a high of 71.38 against the US dollar.
The dollar-rupee September contract on the NSE was at 71.63 in the previous session. Open interest declined 3.27% 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 market data, trading recommendations, stock analysis, investment ideas and insights from market gurus. Now, get Moneycontrol PRO for 1 year at Rs 289. Use code FREEDOM.First Published on Sep 3, 2019 12:01 pm
