ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the USD/INR March contract to sell. Sell USD/INR March futures in the range of 62.20-62.30 with target 2.03-61.88.''
The rupee fell for a third straight session against the US dollar, as importers stepped up purchases of the greenback to pay for their shipments amid a rise in global crude oil prices, offsetting foreign fund inflows into Indian equities. The Indian currency ended the day at 61.92, down 0.08% from the previous close of 61.87.
The dollar index against six major currencies ended at 95.36, down 0.12% from the previous close of 95.47. In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.29. The March contract open interest was down 4.05% from the previous day. April contract open interest was up 8.83% from the previous day.
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