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Daily Snapshot

* Weakness continued in the rupee, which depreciated by another 8 paise and closed at 74.7 levels. A sharp reversal in equities from higher levels triggered more selling

* The dollar index posted moderate losses as it retreated from Wednesday’s three-month high. The dollar was weighed down on Thursday by negative carryover from Wednesday’s dovish minutes of the June 15-16 FOMC meeting

* The Nifty opened on a positive note but remained under pressure throughout the session and closed with a loss of more than 0.90%

* On Thursday, the Bank Nifty was one of the top draggers as it closed with a loss of more than 1.30%. Most private banks witnessed healthy selling pressure

* Foreign institutional investors (FII) turned net buyers to the tune of | 879 crore on July 7. They bought worth | 661 crore in the equity market and worth | 217 crore in the debt market

Rupee Outlook and Strategy

* The US$INR pair approached its sizeable Call base of 75. We feel a leg of profit booking should take the pair towards 74.6 in coming days

* The dollar-rupee July contract on the NSE was at | 74.95 in the last session. The open interest rose 2.9% for the July series

US$INR Strategy

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