Utilise upsides in the pair to initiate short positions, says ICICIdirect.
The Indian rupee erased all its intraday gains and trading lower by 11 paise at 70.81 per dollar versus previous close 70.70.
The dollar-rupee February contract on the NSE was at 70.87 in the previous session. February contract open interest increased 0.58% 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.