ICICIdirect expects the US dollar to gain support at lower levels. ''Utilise downsides in the dollar to go long on the USDINR pair. February futures in the range of 66.85-66.95 with target  67.25-67.45.''

The rupee rose for a second session in the previous trading session as gains in domestic equities and hopes of a recovery in inflows aided rupee strength.

The USD index posted gains of 0.42% against major currencies as uptick in March meeting rate hike probability rose due to hawkish comments from Fed officials. The dollar would be taking cues from upcoming US  FOMC meeting minutes.

In the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 66.96. The February contract open interest fell 5.73% from the previous day. March contract open interest rose 18.60% from the previous day.

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