Rupee fell against the US Dollar sharply on Friday after the world’s biggest economy reported a robust private payroll number. Major crosses like the Euro and pound fell too. However, weakness in the rupee has been primarily on the back of broader strength in the dollar, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said.
On Friday, the USDINR Futures settled at 74.92, gaining almost 0.23 per cent from the last closing price on Thursday. The intraday high was 75.08. Gupta, however, said that the INR is expected to recover from here as it is trading at lows. His strategy for the next week in NSE USDINR July futures is if ‘Sell’ at 75.20. He puts the stop loss at 75.60 while the target price at 74.20.
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How other currencies traded on Friday:
EURINR (April) – EURINR was trading at 88.54 on Friday at the closing time, up by 0.1 per cent from the previous closing price of 88.46. It attained a high of 88.55 on the intraday basis.
GBPINR (April) – GBPINR was trading at 102.88 on Friday at the closing time, down by 0.01 per cent from the previous closing price of 102.89. It attained a high of 102.93 on the intraday basis.
JPYINR (April) – JPYINR was trading at 67.01 on Friday at the closing time, up by 0.11 per cent from the previous closing price of 66.94. It attained a high of 67.03 on the intraday basis.