Buy US$/INR Feb; target of 68.30-68.46: ICICIdirect

ICICIdirect.com's report on currencyForex (US$/INR)The rupee depreciated against the US dollar, tracking a sell-off across most Asian peers, as oil prices resumed their slide, hurting global risk appetite. However, suspected intervention by the central bank limited losses in the currency The Indian currency ended the day at 67.98, down 0.20% from the previous close of 67.84The dollar index against six major currencies ended at 98.80, down 0.22% from the previous close of 99.02US$/INR derivatives strategy: Buy February ContractIn the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 68.27. The February contract open interest was up 6.19% from the previous dayMarch contract open interest was up 4.40% from the previous dayWe expect the US dollar to find buying support on declines against the rupee. Utilise declines in the US$/INR February contract to buyIntra-day strategy

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