We expect the USD-INR to meet supply pressure at higher levels. Utilize upsides in the pair to initiate short positions, says ICICI direct.
The Indian rupee opened higher by 5 paise at 71.68 per dollar on Tuesday versus previous close 71.73.
On November 25 the rupee ended 3 paise lower to 71.74 against the US dollar due to fag-end dollar buying by banks and importers.
Rising crude prices and strengthening dollar overseas also weighed on the rupee sentiment.
Oil prices were steady on Tuesday, holding onto gains from the previous session, after positive comments from the United States and China kept alive hopes that the world’s two largest economies are soon to agree an end their trade war.
The dollar held an upper hand against the yen on Tuesday as optimism on a trade deal between the United States and China dented the allure of the safe-haven unit while the British pound was supported by hopes of an end to a hung parliament.
The dollar-rupee November contract on the NSE was at 71.73 in the previous session. Open interest declined 10.36% in the previous session, said ICICI direct.
We expect the USD-INR to meet supply pressure at higher levels. Utilize upsides in the pair to initiate short positions, it added.
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