As per the ICICI Direct’s currency report on the USDINR, the spot currency has witnessed a flattish closing.
The Indian rupee ended at this rate on the back of intraday volatility and also amid support at the lower levels.
However, there are other important unavoidable factors effecting the Indian rupee in the international markets.
The increment in the crude oil prices is expected to result in the rupee movement. Moreover, we can not also avoid the selling of the equities to keep a check on the rupee movement.
Further, there is more on the international front. The US dollar indices have turned positive moving up at 90.5 levels. This was however, a very sudden scenario on the US Empire State index in entire month of February.
Along with this, the USDINR futures had a negligible or partial bounce. Whereas, the spot has closed the session with almost flat rate.
Further, the Dollar indices beyond the 90.5 level have helped the pair in gaining 11 paise.
But this upside however seems very stagnant even though the increased crude oil prices were one of the factors behind this marginal rise.
Covering more, the dollar-rupee February contract settled at Rs 72.79 on the last session of NSE. Also, the open interest rate fell by around 8 percent in the February series.
Experts suggests selling USDINR in the range of 72.90-72.92 for target of 72.80/72.70.
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