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 67.00-67.10 with target 67.35-67.55.''

The rupee strengthened post a weak opening due to gains in equities. Rising March US interest rate hike probability would weigh on emerging currencies including rupee. US February employment data remains a catalyst for a rate hike probability before scheduled March FOMC meet.
 
The USD gained against major currencies with dollar index posting gains of 0.51%. US Cleveland fed president commented on strength in US economy amid rising March rate hike probability. Hawkish stance ahead of the FOMC meet supported USD to extend gains over Japanese Yen and British pound.

In the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 67.08. The February contract open interest fell 18.53% from the previous day. March contract open interest rose 6.61% 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.