ICICIdirect expects the US dollar to garner buying support on declines against the rupee. Utilise declines in the USD/INR March contract to buy. Buy USD/INR March futures in the range of 62.36-62.46 with target 62.64-62.80.''

The rupee snapped a seven-day winning streak against the dollar, as latest data that showed a pick-up in US economic activity helped the greenback rebound. Also, weak domestic equity markets also led to currency weakness against the dollar.  The Indian currency ended the day at 62.33, down 0.10% from the previous close of 62.26.

The dollar index against six major currencies ended at 96.92, down 0.32% from the previous close of 97.24. In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 62.41. The March contract open interest was down 10.77% from the previous day. The April contract open interest was up 7.03% from the previous day.

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