Indian rupee has depreciated on Thursday against US dollar. Indian currency declined 10 paise or 0.16 percent against dollar to trade at 61.50. Rupee has witnessed a high of 61.43 and a low of 61.51. Its 52-week range was 58.34-63.89.
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 62.00-62.10 with target 61.83-61.62.''
Meanwhile, Swastika Investmart expects USDINR is likely to trade on the negative note on the back of strong inflows of foreign funds in to domestic markets. The partially convertible rupee ends little changed at 61.41/42 per dollar versus its previous close of 61.3950/4050, tracking the retreat in domestic shares from record highs while month-end dollar demand from importers also weighs.
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