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Apr 04, 2013, 09.48 AM IST | Source: Moneycontrol.com

Buy Indian rupee April Contract on decline: ICICIdirecr.com

ICICIdirect.com has come out with its report on currency. The research firm expects the US dollar to garner buying support on declines against the INR. One can utilise the lows in the USDINR April Contract to buy.

ICICIdirect.com has come out with its report on currency. The research firm expects the US dollar to garner buying support on declines against the INR. One can utilise the lows in the USDINR April Contract to buy.

The rupee traded weaker amid strong dollar demand by oil importers. Caution on the global front coupled with a decline in the euro in early trade also weighed on the currency. Though capital inflows provided some support, the upside was capped amid losses in domestic stocks. The rupee ended at 54.43, down 0.30percent from the previous day’s close of 54.26. The dollar index against six major currencies was at 82.75, down 0.20percent from its previous close. 

In the currency futures market, the most traded dollar-rupee April contract on the NSE closed at 54.80. The April contract open interest was down 3.70percent from the previous day.  The May contract open interest was up 8.50percent from the previous day.  We expect the US dollar to garner buying support on declines against the INR. Utilise the lows in the USDINR April contract to buy.

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To read the full report click here

READ MORE ON  ICICIdirect.com, rupee, currency, USDINR

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