ICICIdirect expects the US dollar to garner buying support on declines against the rupee. Utilise declines in the USD/INR April contract to buy. Buy USD/INR March futures in the range of 62.72-62.82 with target 62.99-63.15.''
The rupee recovered from its week lows as a surge in local stocks brightened prospects of foreign fund inflows, amid a marginal easing in global crude oil prices. The Indian currency ended the day at 62.41, up 0.41% from the previous close of 62.67. The dollar index against six major currencies ended at 97.39, down 0.02% from the previous close of 97.41.
In the currency futures market, the most traded dollar-rupee April contract on the NSE closed at 62.96. The April contract open interest was up 0.07% from the previous day. May contract open interest was up 3.99% from the previous day.
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