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 62.01-62.11 with target 62.27-62.44.''
The rupee fell for the first time in four days against the US dollar as the USD remained strong on Friday and also as investors took a cautious approach ahead of the Budget, which led to some weakness in currency. The Indian currency ended the day at 61.83, down 0.13% from the previous close of 61.75. The dollar index against six major currencies ended flat at 95.25.
In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.22. The March contract open interest was down 6.32% from the previous day. April contract open interest was up 24.44% from the previous day.
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