Stocks News

Rupee to witness a narrow trading rate – Sell USDINR at 73.00-72.90

The Indian Rupee is again back to the same chapter as it continued to lack its volatility witnessing a narrow trading rate. Indian Rupee is losing its volatility for three days in a row.

It closed at almost flat rate of 72.98 in the last week. Simultaneously, the open interest also fell by almost 2.8 percent.

However, it can be a good time to sell USDINR in a range of 73.00 to 72.90. According to the experts, the Indian Rupee can resume the Rupee-Dollar contract in the range of 73.25 to 73.35.

The old story is back again when Dollar used to hold a very strong position.

For, the last week’s session, the US Dollar again held back its position maintaining its value above 90 level. This value however was constant and accordingly, Dollar continued to gain more momentum.

Although, it fell from a weekly high.

Crucial support for the index is now inclined at 89.90 level.

Apart from this, on the Currency Futures on the NSE, the USDINR pair is centralizing as per the data charts. It is consolidating near its considerable PUT OI bottom of 73.

As per the decaying volatility, Rupee is expected to trade in range. Any short position can be created if there’s any visible bonce towards 73.15.


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