ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the USD/INR March contract to sell. Sell USD/INR February futures in the range of 62.54-62.64 with target 62.38-62.20.''

The rupee rose to a more than two week high against the US dollar, tracking Asian peers, after the Federal Reserve chief indicated the authority is not hurrying to raise interest rates in the world's largest economy, boosting investors’ appetite for emerging market assets. The Indian currency ended the day at 61.97, up 0.37% from the previous close of 62.20.

The dollar index against six major currencies ended at 94.20, down 0.28% from the previous close of 94.47. In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.37. The March contract open interest was up 51.39% from the previous day. April contract open interest was up 49.95% from the previous day.

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