Sell US$/INR Feb fut; target of 68.55-68.35: ICICIdirect

ICICIdirect.com's report on currencyForex (US$/INR)The rupee settled with marginal gains against the US dollar, as investors squared off positions ahead of a long weekend. The currency had risen in early trade tracking stronger equities but oil-related greenback bids offset gainsThe Indian currency ended the day at 68.46, up 0.02% from the previous close of 68.47The dollar index against six major currencies ended at 96.59, down 0.25% from the previous close of 96.83 US$/INR derivatives strategy: Sell February ContractIn the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 68.55. The February contract open interest was up 3.54% from the previous dayMarch contract open interest was up 5.26% 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 Intra-day strategy

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