Rupee trades higher at 71.55 per dollar

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We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, says ICICIdirect.




The Indian rupee erased soem of its morning gains but trading higher by 15 paise at 71.55 per dollar versus previous close 71.70.

The Indian rupee on August 20 furthered its loss by another 28 paise to close at a new six-month low of 71.71 against the US dollar as economic uncertainties continued to weigh, said PTI.

Investors remained risk averse considering a host of factors including fast-spreading economic slowdown, outlook on foreign fund outflows and weakness in most emerging market currencies, according to forex traders.

However, there are expectations that the government will soon come out with stimulus measures to arrest slowdown in consumer demand in various sectors, it added.

The dollar-rupee August contract on the NSE was at 71.75 in the previous session. Open interest declined 6.18% in the previous session, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilize downsides in the pair to initiate long positions, it added.



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