It seems that the Indian currency again is falling short from the US dollar as per the current market trend.
Although the Indian indices started the day with a positive signal in the pre-opening session. The Sensex touched up to higher levels along with Nifty also hyping up at the same time.
According to ICICI report on USDINR the spot currency in the post-budget scenario got contracted. The overall volatility fell down and the trading range also diminished in the post Union Budget scenario.
However, there are huge inflows from FII supporting the index. Positive domestic equities are on the way.
On the other hand, the dollar index touched up to its seven-week high due to the weakness in the Euro.
This is happening due to the Coronavirus resulting in decline of consumer spending which is further weakening the Euro value.
Experts are sensing a further decline in the EURUSD. The dollar will get boosted with further declines in the EURUSD.
Coming towards the currency futures on NSE, the dollar-rupee contract again settled at $73 even after Union Budget. The open interest rate declined at the rate of 4.5 percent for the February series.
Buying USDINR for the target of 73.25/73.35 in the range of 73.12 to 73.15 seems feasible as per the data charts.
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