ICICIdirect expects the US dollar to garner buying support on declines against the rupee. Utilise declines in the USD/INR March contract to buy. Buy USD/INR March futures in the range of 62.10-62.20 with target 62.36-62.50.''

The rupee gained for a third consecutive day to a near three-week high against the US dollar supported by foreign fund inflows. However, the central bank's likely intervention and month-end dollar demand from crude oil refiners limited further gains. The Indian currency ended the day at 61.75, up 0.35% from the previous close of 62.97. The dollar index against six major currencies ended at 95.25, up 1.12% from the previous close of 94.20.

In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.12. The March contract open interest was up 8.35% from the previous day. April contract open interest was up 32.91% from the previous day.

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