The rupee can slide towards 74.5 levels, says ICICI Direct.
Indian rupee erased intraday losses but ended marginally lower at 74.61 per dollar, amid buying saw seen in the domestic equity market.
It opened marginally lower at 74.60 per dollar against Tuesday’s close of 74.55 and traded in the range of 74.58-74.79.
At close, the Sensex was up 193.58 points or 0.37% at 53054.76, and the Nifty was up 61.40 points or 0.39% at 15879.70.
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Gold prices edged lower on Wednesday after hitting a three-week peak in the previous session, as a rebound in the dollar weighed on the safe-haven metal ahead of the release of minutes from the U.S. Federal Reserve’s June policy meeting.
Also Read – Here’s why rupee will likely trade around 75.5-76 to a dollar by December-end
The rupee has been trading in a range for the past two sessions. Looking at the Call OI position in ATM and OTM strikes we feel upsides seem capped as of now and the rupee can slide towards 74.5 levels, said ICICI Direct.
The dollar-rupee July contract on the NSE was at Rs 74.70 in the last session. The open interest fell 3.2% for the July series, it added.
