ICICIdirect expects the US dollar to attract some buying on declines against the INR. Utilise the lows in the USD/INR March contract to buy above 50 with target of 50.17/50.24 and a stop loss of 49.91,
it says.
In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 50.1. The USD/INR March open interest was down by 1.2%. The April contract witnessed an increase in open interest by 0.3%,
it notes.