USDINR Decfutures opened strongly higher with gap and prices rose gradually for the whole session and made a high of 67.93. Prices have bounced after taking support at its 61.8% Fibonacci retracement level of 67.42 and are expected to continue this recovery towards next strong resistances placed at 68.20 and 68.40 levels. On the lower side strong supports are placed at 67.70 and 67.4 0 levels. Buying on dips is recommended in the pair for short term trading opportunities.
In the currency futures market, the most traded dollar-rupee December contract on the NSE ended at 67. 90. The December contract open interest rose 6.46% from the previous day. January contract open interest rose 0.90% from previous day We expect the USD to gain support at lower levels. Utilise downsides in the dollar to go long on the USDINR pair.
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