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.
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.