ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. Utilise rallies in the USD/INR March contract to sell. Sell USD/INR March futures in the range of 62.55-62.65 with target 2.39-62.24.''

The rupee rose to a more than two-week high vs. the US dollar, as the greenback remained relatively weak. This happened after the recent statement of the Federal Reserve suggested a rate hike is not going to be an easy task and it may get delayed depending upon the outcome of growth parameters in the near future. The Indian currency ended the day at 62.26, up 0.01% from the previous close of 62.27.

The dollar index against six major currencies ended at 97.24, up 0.29% from the previous close of 96.96. In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.33. The March contract open interest was down 9.44% from the previous day. The April contract open interest was up 7.28% from the previous day.

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