According to the ICICI Direct’s currency report on USDINR, the spot currency has moved to the range of 73 levels.
The dollar index has moved up ahead of its crucial resistance points of 91.30. It can be expected that the dollar currency can further move up to 92.50 levels in the nearby sessions.
Shedding light on the EURO series, the EURUSD pair dropped again for the fourth session in a row.
The US dollar has witnessed a broad-based rally in the previous session. This has tumbled down the ERU currency for the fourth session straight.
Moreover, the recent macro data is reflecting to further upside risks. On the other hand, the greenback is enjoying the profit incurred by the strengthening in US dollar.
Coming towards the currency futures on NSE, the USDINR pair is continuing to stand around $73 levels.
The pair has been hovering around this level since the post budget session. Current market lot is estimated around US $1000 dollar which is same as the previous session.
Dollar- Rupee contract for the February series closed at Rs 73.13 in the last session on NSE. The open interest rate also increased now which was down in the last sessions.
It is increased by 7 percent for the February series and the current support is at 72.95/72.85.
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