We expect the USD-INR to find resistance at higher levels. Utilise upsides in the pair to initiate short positions, says ICICIdirect.
Extending the gains into the second consecutive session, the Indian rupee closed 28 paise higher at 71.84 per dollar on September 5.
The Indian rupee clawed back some lost ground on September 4, gaining 27 paise to settle at 72.12 against the US dollar in line with a recovery in domestic equities, said PTI.
After a rangebound session, Indian equity benchmarks Sensex and Nifty ended mixed as investors remained cautious in the absence of any fresh positive trigger for the market at home.
Foreign Institutional Investors (FIIs) sold shares worth net Rs 561.17 crore, while Domestic Institutional Investors (DIIs) bought net Rs 699.31 crore worth of shares in the Indian equity market on September 5, as per provisional data available on the NSE.
The dollar-rupee September contract on the NSE was at 72.29 in the previous session. Open interest declined 2.21 percent in the previous session, said ICICIdirect.We expect the USD-INR to find resistance at higher levels. Utilise upsides in the pair to initiate short positions, it further said.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.