Utilise up sides in the pair to initiate short positions, says ICICIdirect.
The Indian rupee gained in the early trade on Monday. It opened higher by 12 paise at 71.02 per dollar versus previouse close 71.14.
The dollar-rupee February contract on the NSE was at 71.16 in the previous session. February contract open interest declined 4.92% in the previous session, said ICICIdirect.We expect the USD-INR to meet supply pressure at higher levels. Utilise up sides in the pair to initiate short positions, it added.