Utilise down sides in the pair to initiate long positions, says ICICIdirect.
Indian rupee has recovered from the day's low and trading 49 paise lower at 71.83 per dollar.
It opened lower at 72.46 per dollar on the back of RBI governor resignation.
RBI Governor Urjit Patel stepped down from the current position with immediate effect on account of personal reasons.
On Monday rupee ended 54 paise lower at 71.34 per dollar, which is a lowest level against dollar Since November 20.
According to Shailendra Kumar, Director & CIO, Narnolia Financial Advisors, in an immediate reaction, rupee could fall back in the range of 72-73 to a dollar. "Bond yield too would be in pressure though falling inflation should restrict spikes to the levels of 7.65-7.75%."
The dollar-rupee December contract on the NSE was at 71.50 in the previous session. December contract open interest increased 0.05% in the previous session, said ICICIdirect.We expect the USD-INR to find supports at lower levels. Utilise down sides in the pair to initiate long positions, it added.The Great Diwali Discount!
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