Rupee for june month moved in range of 64.84-64.30, today settled down at 64.48 appreciating nearly by +0.36% justlying the historical gains for June months while rupee looks continue to trade in a narrow range ahead of GST implementation next week.
Also, monsoon progress remains in focus amid expectations of normal rainfall. We suggest going short in July USDINR future near 64.85 for target at 64.32 and below can test 63.95 level with stop loss at 65.40.
Crude continued its downturn and moved to its lowest levels since November last week. Data points do not suggest any major recovery recovery in crude in the near term. World stock markets too reacted to tumbling crude oil prices.