We expect the USD-INR to meet supply pressure at higher levels, says ICICIdirect.
The Indian rupee has erased some of its gains but trading higher by 53 paise at 68.56 per dollar against Friday's close 69.09.
Rupee gained around 8 percent from the record low of 74.48 per dollar.
The rupee has gained past 69 mark for the first time since August 10, 2018.
The dollar-rupee March contract on the NSE was at 69.23 in the previous session. March contract open interest declined 3.80% in the previous session, said ICICIdirect.We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.