US dollar index is trading at 98.54 , rising against all the majors after the ECB meeting and marginally positive home sales data . Positivity in the US dollar was not inspired from events from within the US economy but was from the negativity in the other majors . Weakness in Euro and Pound led to the appreciation and we expect this trend to continue today as well
In the currency futures market, the most traded dollar-rupee October contract on the NSE ended at 66.83. The October contract open interest fell 3.72% from the previous day .November contract open interest rose 5.73% from the previous day .We expect the US$ to gain supports at lower levels. Utilise downsides in the dollar to go long on the US$INR pair.
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