Sell US$/INR Mar fut; target of 67.62-67.43: ICICIdirect

ICICIdirect.com's report on currencyForex (US$/INR)The rupee appreciated for a fifth day to a seven-week high against the US dollar, as equities joined a global rally after upbeat US jobs numbers eased fears of a widespread economic slowdown. Some FIIs inflows also helped the domestic currency in gaining against the benchmarkThe Indian currency ended the day at 67.34, up 0.30% from the previous close of 67.54The dollar index against six major currencies ended at 97.65, down 0.56% from the previous close of 98.20US$/INR derivatives strategy: Sell March ContractIn the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 67.59. The March contract open interest was up 4.18% from the previous dayApril contract open interest was up 28.61% from the previous dayWe expect the US dollar to meet supply pressure on rallies against the rupee. Utilise pullbacks in the US$/INR March contract to sellIntra-day strategy

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