USDINR Dec may trade in 67.05-67.15 range: ICICIdirect

ICICIdirect.com's report on currency.Forex (US$/INR)The rupee ended lower as the greenback recovered from yesterday's slump ahead of the US monthly non-farm payroll data due later today. Lower local shares also added to pressure on the rupee. However, a likely central bank intervention limited lossesThe Indian currency ended the day at 66.69, depreciating almost 0.06% from the previous close of 66.65After the sharp decline seen on Thursday, the dollar index witnessed some pullback in the last session against six major currencies and ended at 98.30, up 0.06% from the previous close of 98.24US$/INR derivatives strategyIn the currency futures market, the most traded dollar-rupee December contract on the NSE ended at 66.96. The December contract open interest was up by 4.58% from the previous dayJanuary contract open interest was up by 5.51% from the previous dayWe expect the US dollar to continue to face resistance near 66.95-67.10 levels. Only a sustained breach of 67 will open fresh upsides. We recommend utilising upsides in the US$/INR December contract to shortIntra-day strategy

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