Indian rupee has weakened on Tuesday against US dollar. Indian currency fell 4 paise or 0.06 percent against dollar to trade at 61.91. Rupee has witnessed a high of 61.85 and a low of 61.91. Its 52-week range was 58.34-63.89.
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 62.06-62.16 with target 62.32-62.46.''
Meanwhile, Sushil Finance expects USDINR is likely to trade on the positive note on the back of US interest rate outlook. The Indian rupee fell for the second straight session against the dollar, as the government forecast a wider-than-expected budget deficit for the next fiscal year, hurting demand for the local currency.
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