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.''
The rupee fell for a second straight session against the US dollar, as the government forecast a wide-than-expected Budget deficit for the next fiscal year, hurting demand for the local currency. Likely purchase of the greenback by the central bank also weighed on rupee. The Indian currency ended the day at 61.87, down 0.06% from the previous close of 61.83.
The dollar index against six major currencies ended at 95.47, up 0.23% from the previous close of 95.25. In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.27. The March contract open interest was down 1.72% from the previous day. April contract open interest was up 5.50% from the previous day.
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