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.
The Indian rupee rebounded on September 4, a day after suffering strong losses, to close 27 paise higher at 71.12 per dollar after the US currency eased due to some selling by banks and exporters.
It had opened higher by 21 paise at 72.18 per dollar.
Also Read - Rupee hits fresh 2019 low; likely to trade around 71-73.25 per dollar in coming weeks
The rupee on September 3 dropped sharply by 97 paise to more than nine-month low of 72.39 against the US dollar as heavy sell-off in the domestic equity market, weak macro environment and a stronger greenback kept investors edgy, said PTI.
The Indian currency came under pressure after official data released on Friday showed that India's GDP growth fell to an over six-year low of 5 percent in the June quarter, it added.
The domestic currency settled down by 97 paise at 72.39 per dollar, logging its worst single-day fall since August 5 and the lowest closing level since November 13, 2018.
The dollar-rupee September contract on the NSE was at 72.58 in the previous session. Open interest increased 14.28% 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.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
