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As Brexit intensifies, the pound is expected to remain under pressure against the dollar, which should support the USD-INR in the short term, brokerage firm ICICI Direct has said.
The Indian rupee opened 14 paise higher against the US dollar at 73.39 on September 14 as the greenback saw some selling by banks and exporters.
The Indian currency had closed at about 73.53 against the dollar on September 11.
The dollar softened against its global peers amid expectations that the US Fed will go for a dovish stance at its two-day monetary policy meeting that opens on September 15.
As the Brexit intensifies, the pound is expected to remain under pressure against the dollar, which should support the USD-INR in the short term, brokerage firm ICICI Direct said.
The dollar-rupee September contract on the NSE was at 73.65 in the last session. The open interest in the September series declined 0.76 percent, while it increased 6.8 percent in the next series, the brokerage added.
ICICI Direct has targets of 73.75 and 73.85 for the USD-INR September futures on NSE, with a stop loss of 73.50.
Foreign portfolio investors (FPI) have turned net sellers in Indian markets by pulling out Rs 2,038 crore, so far, in September as participants turned cautious in view of rising India-China tensions and weak global cues.
FPIs net bought shares worth Rs 1,175.81 crore, whereas domestic institutional investors (DIIs) net offloaded shares worth Rs 724.31 crore in the Indian equity market on September 11, as per provisional data available on the NSE.