ICICIdirect expects the US dollar to find supports at lower levels. ''Utilise downsides in the dollar to go long on the USDINR pair. March futures in the range of 66.80-66.90 with target 67.15-67.25.''
The rupee fell for the first time in three sessions against the dollar, in line with most Asian currencies, as dollar demand weighed while profit booking in domestic equities raised concerns on foreign fund outflows. The USD gained against most currencies including the rupee due to sharply rising US yields.
The Japanese Yen continued to remain under pressure while 115 levels remain crucial for the pair to move higher. US February employment data remains in focus post better-than-expected ADP employment data.
In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 66.89. The March contract open interest fell 3.16% from the previous day. April contract open interest rose 3.11% from the previous day.
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