ICICIdirect expects the US dollar to find supports at lower levels. ''Utilise downsides in the pair to go long on the USDINR pair. March futures in the range of 65.50-65.60 with target 65.75-65.85.''

The rupee rose to a near-17-month high against the dollar, as investors' risk appetite got a boost after the US Federal Reserve expectedly raised interest rates but did not signal a faster pace of tightening for 2017.

The US dollar continue to slide against major currencies post US Fed event. Pound and Euro posted sharp gains against USD. Euro benefited from a setback to anti-Euro parties while the pound rallied post BoE monetary meeting.

In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 65.52. The March contract open interest fell 3% from the previous day. April contract open interest rose 12.33% from the previous day.

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