ICICIDirect.com has come out with a research report on currencies. The broking firm expects the Indian rupee to see further strength in today's trade.
The report says, "Foreign fund moves into and out of the stock market have a large influence on the rupee's fortunes. So far this year, foreigners have bought a net USD 6.8 billion, in addition to last year's record USD 17.5 billion inflow. In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 46.97. The USD/INR June contract open interest increased 7% on the back of negative closing. The August contract witnessed an increase in open interest by 7.9%. We expect the INR to see further strength in today's trade. We expect the US dollar to remain weak. Utilise the highs in the USD/INR July contract to sell."
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