ICICIdirect expects the US dollar to meet resistance at higher levels. ''Utilise upsides in the dollar to go short on the USDINR pair. March futures in the range of 66.95-67.05 with target 66.70-66.50.''
The rupee rose to a near-four-month high against the dollar, as strong domestic equity markets along with consistent foreign fund inflows offset worries over a US interest rate hike next week. The USD ended the day with mild gains as rising US yields amid almost certain interest rate hike in upcoming March FOMC meet supported USD.
Euro-USD pair is weighed down ahead of ECB monetary meeting tomorrow. In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 66.85. The March contract open interest fell 0.21% from the previous day. April contract open interest rose 17.06% from the previous day.
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