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Utilise the upsides in the pair to initiate short positions, says ICICIdirect.
The Indian rupee is trading lower 7 paise lower at 69.74 per dollar versus previous close 69.67.
On Monday the rupee ended 32 paise lower at 69.67 against the US dollar on the back of surge in crude oil prices.
The dollar-rupee April contract on the NSE was at 69.71 in the previous session. April contract open interest increased 7.23% in the previous session, said ICICIdirect.
We expect the USD-INR to meet supply pressure at higher levels. Utilise the upsides in the pair to initiate short positions, it added.
Source: PTI
