ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR April contract to buy. Buy USD/INR April futures in the range of 62.97-63.07 with target 63.26-62.50."

The rupee depreciated to a more than three-month low, as better-thanexpected US home sales revived expectations of the US Federal Reserve hiking rates, boosting the dollar. The Indian currency ended the day at 63.32, down 0.80% from the previous close of 62.82. The dollar index against six major currencies ended at 97.32, down 0.76% from the previous close of 98.06.

In the currency futures market, the most traded dollar-rupee April contract on the NSE closed at 62.37. The April contract open interest was up 6.02% from the previous day. May contract open interest was down 2.87% from the previous day.

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