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Daily Snapshot

* The rupee traded in a tight range in the previous session as no major triggers were there. Towards the end it manged to close 2 paise higher

* The EUR/US$ on Monday rallied moderately as higher German bund yields strengthened the euro’s interest rate differentials that kept the dollar under pressure marginally

* The Nifty opened lower on the back of weak global cues but post that remained broadly in a range as it closed with a loss of more than 0.21%. According to options data, we expect the Nifty to continue to face resistance at higher levels as 15900 and 16000 Call option witnessed healthy OI addition

* On Monday, the Bank Nifty witnessed a volatile session where it closed with a minor loss of more than 0.22%. PSU banks witnessed selling pressure as they underperformed private banks

* Foreign institutional investors (FII) turned net buyer to the tune of | 25 crore on July 23. They sold worth | 215 crore in the equity market and bought worth | 240 crore in the debt market

Rupee Outlook and Strategy

* The US$INR has moved towards the lower band of consolidation. Looking at the closure in OTM strike Calls we feel a move towards 75 could be seen in coming days

* The dollar-rupee July contract on the NSE was at | 74.45 in the last session. The open interest fell almost 5.1% for the July series

US$INR Strategy

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