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 February futures in the range of 62.69-62.79 with target 62.53-62.35.''
The rupee rose to over a week-high against the US dollar as foreign fund inflows and lower crude oil prices offset the greenback's gains ahead of the Federal Reserve chair's testim ony and uncertainty over the Greek debt crisis. The Indian currency ended the day at 62.19, up 0.20% from the previous close of 62.32. The dollar index against six major currencies ended at 94.47, down 0.11% from the previous close of 94.57.
In the currency futures market, the most traded dollar-rupee February contract on the NSE closed at 62.23. The February contract open interest was down 9.24% from the previous day. March contract open interest was up 19.96% from the previous day.
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