ICICIdirect expects the US dollar to meet resilience on rallies against the rupee. Utilise pullbacks in the USD/INR February contract to sell. Sell USD/INR February futures in the range of 62-62.10 with target 61.83-61.62.''

The rupee was little changed against the US dollar, as demand for the greenback from oil refiners offset gains from foreign fund inflows into local stocks. Caution ahead of the Federal Reserve’s policy outcome also kept the currency in a narrow range. The Indian currency ended the day at 61.41, down 0.02% from its previous close of 61.40. The dollar index against six major currencies ended at 94.63, up 0.56% from its previous close of 94.10.

In the currency futures market, the most traded dollar-rupee February contract on the NSE closed at 61.75. The February contract open interest was up 30.80% from the previous day. March contract open interest was up 19.63% from the previous day.

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