On the spot currency, the Indian rupee remained consolidated hovering at 73 levels. However, the main thing to notice is, the currency remained at this level even though there was a sharp rise in US Dollar.
Experts believe a further follow up action on the rupee scene. According to experts, the rupee can further move towards 73.5 levels.
On the other hand, the dollar has however gained on the back of US bond yields. The nearing US fiscal stimulus has increased the expectations of high inflation.
Also, apart from this, the vaccine rollout is also indicating economic recovery soon.
More on the currency futures on NSE, rupee has consolidated beyond 73 levels. This was due to the fact that US Dollar index was standing firm at more than 91 levels.
Experts however feel that more upsides are on the way in the USDINR contract.
Simultaneously, the USDINR pair is expected to move towards the 73.5 levels in the upcoming session.
Moving ahead to the dollar-rupee March contract on the NSE, the spot was at Rs 72.99 in previous session.
Apart from this, the open interest too was steady and remained unchanged for March & April.
Traders can look after buying USDINR in range of 73.00-73.04 with a stop loss of 72.90. Moreover, the pair has current support of 72.70/72.90 levels.
Investors can look after buying for a target of 73.20/73.40 levels as of now.
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