ICICI Direct, Despite weakness continuing in the Dollar index, the rupee depreciated by 10 paise and ended at 73.66.

                                       



Spot Currency

Despite weakness continuing in the Dollar index, the rupee depreciated by 10 paise and ended at 73.66. Sell-off in domestic equities and expectation of further profit booking are likely to keep the rupee move in check • For a third day in a row, the Dollar index continued to remain below 91 levels. Weak jobless claims and need for more stimulus are expected to keep the dollar under pressure.

Currency futures on NSE

Volatility remained high in the forex market due to Brexit deal. We feel the Dollar index could bounce towards 91 levels if no smooth Brexit deal is seen. This would help the US$INR pair to move towards 74.20 levels in coming days • The dollar-rupee December contract on the NSE was at 73.81 in the last session. The open interest fell marginally by 0.5% for the December series contract.

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