ICICIdirect expects We expect the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. March futures in the range of 65.35-65.45 with target 65.20-65.00.''

The rupee rose for a fifth week against the dollar, helped by a soft USD and buoyant domestic equities boosted hopes of continuing foreign fund inflows. The USD fell against major currencies as failure of clearance of crucial health care bill has raised concerns on the ability of the US President to enact future major reforms.

The USD had gained against major currencies on the US President's rhetorical speeches and statements on big tax reforms and higher infrastructure spending. In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 65.41. The March contract open interest fell 7.07% from the previous day. April contract open interest rose 5.52% from the previous day.

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