Rupee has resistance at 68.05/68.30: ICICIdirect

ICICIdirect.com's research report on currencyForex (US$/INR)The rupee appreciated for the first time in four days, in line with most other Asian units, as the dollar beat a swift retreat against major currencies after a Federal Reserve official all but ruled out any imminent interest rate hike in the USThe Indian currency ended the day at 67.54, up 0.78% from the previous close of 68.07The dollar index against six major currencies ended at 96.57, down 0.84% from the previous close of 97.39US$/INR derivatives strategy: Sell February ContractIn the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 67.79. The February contract open interest was up 6.23% from the previous dayMarch contract open interest was up 4.48% from the previous dayWe expect the US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the US$/INR February contract to sell

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