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27 April, 2017 06:58 IST
Buy USD/INR March futures in 65.40-65.50 range: ICICIdirect
Source: IRIS | 20 Mar, 2017, 09.11AM
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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 65.40-65.50 with target 65.70-65.80.''

The rupee posted its biggest weekly rise in more than a year against the dollar, as a decisive win in a key state in favour of the part at the Centre and the US Federal Reserve's hint of a gradual pace of future rate hikes boosted risk appetite.

The US dollar fell further against major currencies as the JPY and pound Sterling rallied post a host of central bank meetings. US June interest rate hike prospects have fallen since the Fed raised interest rates in the March meeting. The pound rallied on prospects of rising inflation and expectation of earlier-than -expected pullback of stimulus.

In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 65.56. The March contract open interest fell 0.09% from the previous day. April contract open interest rose 6.77% from the previous day.

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