Investors in USDINR futures can rejoice even as rupee hits new lows daily; INR likely to test 81 against greenback in July

Rupee Vs Dollar: Indian Rupee’s weakness against greenback was on display on Thursday as the INR hit lows of 79.90 against the US Dollar. The outlook remains weak and it could test levels around 81 in the July series, opines currency analyst Anuj Gupta.

The traders of USDINR futures could rejoice and it is time for them to make some profit, Gupta added.  

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that the Dollar Index (DXY) may test levels of 110 and if that happens, rupee will continue to hit new lows.

Today, the USDINR 29 July Futures were trading at 79.9750, up by 0.23 paise or 0.29 per cent from the Wednesday closing price of Wednesday.

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Gupta recommends a Buy on USDINR July Futures at 79.50 with a stop loss of 79 and target of 80.30.

He was also bullish on the GBPINR futures. He recommended a buy on 29 July Futures of GBPINR at 94.50 with a stop loss of Rs 94 and price target of Rs 95.50.    

At the interbank foreign exchange, the rupee opened at 79.72 against the American dollar, then went lower to trade at 79.74 against the greenback in early deals, registering a gain of 7 paise over the last close, a PTI repot said.

In the previous session, the rupee had closed at an all-time low of 79.81 against the greenback, the report further said.