The rupee traded in a narrow and tight band throughout the day - ICICI Direct
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Daily Snapshot
* The rupee traded in a narrow and tight band throughout the day. Yesterday, it managed to sustain well above 74.50 levels and ended with gains of 4 paise
* The Dollar index posted moderate gains. A drop in US weekly jobless claims to a new pandemic low supported gains in the dollar along with hawkish Fed comments
* On Thursday, the Nifty ended at a new all-time highest close, gaining 0.44%. The Nifty has broken out from the seven week consolidation range, which indicates we may see higher levels
* The Bank Nifty opened higher and closed with a gain of more than 0.65%. HDFC Bank was the top gainer for the Bank Nifty and helped the index to sustain at higher levels. Looking at options chain, 36000 Call option has sizeable OI. However, looking at the set-up of a few private banks, we feel the ongoing momentum would continue and the index should head towards 36500
* Foreign institutional investors (FII) turned net sellers to the tune of | 1309 crore on July 13. They sold worth | 1225 crore in the equity market and worth | 85 crore in the debt market
Rupee Outlook and Strategy
* The US$INR is seeing contracting volatility while the trading range has been narrowing for a few sessions. We feel the rupee should move towards 74.4 levels in coming days whereas upsides seem limited
* The dollar-rupee July contract on the NSE was at | 74.65 in the last session. The open interest fell 3.2% for the July series
US$INR Strategy
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
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![USDINR is trading near all time low and we might see some RBI intervention but as long as 82.80 - Tradebulls Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/0732326f21b0692a41afc4432d1a7a56.jpg)
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