ICICIdirect expects the US dollar to meet resilience on rallies against the rupee. Utilise pullbacks in the USD/INR February contract to sell. Sell USD/INR February futures in the range of 62-62.10 with target 61.83-61.62.''
The rupee was little changed against the US dollar, as demand for the greenback from oil refiners offset gains from foreign fund inflows into local stocks. Caution ahead of the Federal Reserve’s policy outcome also kept the currency in a narrow range. The Indian currency ended the day at 61.41, down 0.02% from its previous close of 61.40. The dollar index against six major currencies ended at 94.63, up 0.56% from its previous close of 94.10.
In the currency futures market, the most traded dollar-rupee February contract on the NSE closed at 61.75. The February contract open interest was up 30.80% from the previous day. March contract open interest was up 19.63% from the previous day.
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.