US dollar index is trading at 103.15 , remaining largely unchanged as the US markets shut yesterday on the eve of Christmas. the calendar remain light for the entire week. Expect range bound trading for the entire week with minimal changes.
In the currency futures market, the most traded dollar-rupee December contract on the NSE ended at 67. 71. The December contract open interest fell by 2.55% from the previous day. January contract open interest rose 10.03% from 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.