Strong support area of the USDINR future is 72.30 levels and buying may come from this level, says Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research.
Indian rupee ended lower by 7 paise at 72.55, amid volatile trade saw in the domestic equity market.
It opened flat at 72.49 per dollar against previous close of 72.48 and traded in the range of 72.36-72-64.
At close, the Sensex was down 31.12 points or 0.06% at 50,363.96, while Nifty was down 19 points or 0.13% at 14,910.50.
The US dollar remained below 92 levels ahead of FOMC meeting. However, it remains positive and is likely to move beyond 92 levels in the coming sessions. Only a move below 91.50 should change the bias. The dollar-rupee March contract on the NSE was at Rs 72.62 in the last session. The open interest fell by almost 1.4% for the March series, said ICICIdierct.
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“Most Asian currencies trading marginal bullish against the dollar today, DXY registers third consecutive bullish day trading at $ 91.86 mark. Technically, USDINR March Future closed flat at 72.63 on previous trading session, it could open near 72.52 levels and after that market could see bullish momentum up to 72.40 levels,” said Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research.
“Strong support area of the USDINR future is 72.30 levels and buying may come from this level,” he added.