ICICIdirect expects the US dollar to meet resilience on rallies against the rupee. Utilise pullbacks in the USD/INR January contract to sell. Sell USD/INR January futures in the range of 61.91-62.01 with target 61.91-62.01.''

The rupee remained strong against the dollar throughout the day, supported by foreign fund inflows into record-setting local stocks, even as the greenback slipped from multi-year highs against major currencies. The Indian currency ended the day at 61.70, down 0.10% from its previous close of 61.64. The dollar index against six major currencies ended at 94.19, up 1.63% from its previous close of 92.69.

In the currency futures market, the most traded dollar-rupee January contract on the NSE closed at 61.72. The January contract open interest was down 9.86% from the previous day. February contract open interest was up 7.09% from the previous day.

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