The dollar-rupee July contract on the NSE was at Rs. 74.66 in the last session - ICICI Direct
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Daily Snapshot
* The rupee continued to trade in a range and fell by 9 paise to close near 74.58 in the last session
* The Dollar index fell marginally from its three-months high as comments on Wednesday from Fed chair Powell sent T-notes yield lower and undercut the dollar when he said the US economy has not yet achieved substantial further progress
* The Nifty witnessed a volatile day but managed to end with a gain of more than 0.20%. IT stocks helped the Nifty to sustain at higher levels
* On Wednesday, the Bank Nifty witnessed a choppy day as it closed almost flat. Looking at options data, healthy Call OI was seen at multiple strikes especially at 35900 and 36000, which should act as a resistance zone. On the other hand, 35500 Put option holds significant OI, which should act as support
* Foreign institutional investors (FII) turned net buyers to the tune of | 553 crore on July 12. They bought worth | 70 crore in the equity market and worth | 483 crore in the debt market
Rupee Outlook and Strategy
* The US$INR is lacking volatility and no major OI activity are observed, indicating it would trade in a range of 74.40-74.80 in the coming session
* The dollar-rupee July contract on the NSE was at | 74.66 in the last session. The open interest rose 0.4% for the July series
US$INR Strategy
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