ICICIdirect expects the US dollar to find supports at lower levels. ''Utilise downsides in the dollar to go long on the USDINR pair. March futures in the range of 66.85-66.95 with target 67.15-67.25.''

The rupee rose against the USD as stronger inflows buoyed by gains in domestic equities continued to extend gains in the rupee as the USD remains in consolidation mode ahead of the US President's testimony.

The US dollar index posted mild gains ahead of the US President's congressional testimony. The Japanese Yen tumbled sharply as the pair remains most immune among majors to strength in the USD. More than expected details on stimulus could send the US$ ahead. March interest rate hike has risen to 50% ahead of presidential testimony.

In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 66.94. The March contract open interest rose 1.06% from the previous day. April contract open interest rose 12.59% from the previous day.

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