We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, says ICICIdirect.
Moneycontrol News
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The Indian rupee has recovered from the low and trading flat at 70.94 per dollar.
It opened lower by 10 paise at 71.04 per dollar versus Friday's close 70.94.
The Indian rupee on Friday rose by 40 paise to settle at 70.94 to the US dollar after forex market sentiment was buoyed by the government decision to slash corporate taxes. The news of lowering corporate tax rejoiced the equity market as well, but the bond market did not take the announcement very well.
The dollar-rupee September contract on the NSE was at 71.06 in the previous session. Open interest declined 6.27% in the previous session, said ICICIdirect.
We expect the USD-INR to find supports 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.First Published on Sep 23, 2019 11:25 am
