ICICIdirect expect the USD-INR to find support at lower levels and one could utilise downsides in the pair to initiate long positions.
The Indian rupee is trading lower at 71.75 per dollar, with domestic equity market is trading with marginal loss.
It opened lower by 12 paise at 71.80 per dollar on Wednesday versus Tuesday's close of 71.68.
On December 3 rupee erased early gains and ended flat at 71.66 to the US dollar amid emergence of fresh worries over global trade war.
The Sensex was down 87.67 points or 0.22% at 40587.78, and the Nifty was down 24.50 points or 0.20% at 11969.70.
Oil prices rose on Wednesday in advance of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market and following industry data showing that US crude stockpiles fell more than expected.
The dollar-rupee December contract on the NSE was at 71.84 in the previous session. Open interest declined 4.2% in the previous session, said ICICIdirect.We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.