ICICIdirect expect the USD-INR to find resistance at higher levels.
The Indian rupee has recovered from the day's low and trading marginally lower at 71.15 per dollar, with domestic equity market ended flat in today's trading session.
It opened flat at 71.13 per dollar against previous close 71.12.
On Friday, the rupee ended 9 paise lower at 71.12 against the US amid a steady rise in crude oil prices and strengthening of the greenback overseas.
The Sensex ended 38.88 points lower at 41642.66, and the Nifty was down 9 points or 0.07% at 12262.80.
Oil prices were mostly steady on Monday after three weeks of gains amid optimism the United States and China were close to signing a trade deal to end a tariff war, with President Donald Trump saying an agreement would be signed “very shortly”.
The dollar held firm at start of holiday-thinned week on Monday after US data pointed to solid economic growth while the British pound found some stability after having suffered its biggest weekly fall in three years.
The dollar-rupee December contract on the NSE was at 71.17 in the previous session. Open interest fell 2.0% in the previous session, said ICICIdirect.
We expect the USD-INR to find resistance at higher levels. Utilise upsides in the pair to initiate short positions, it added.