Rupee recovers from day’s low but still down at 71.16 per dollar

Utilise down sides in the pair to initiate long positions

After a weak opening, the Indian rupee has recovered but trading lower by 18 paise at 71.16 per dollar versus Monday’s close 70.98.

The dollar-rupee March contract on the NSE was at 71.25 in the previous session. March contract open interest increased 16.50% in the previous session, said ICICIdirect.We expect the USD-INR to find supports at lower levels. Utilise down sides in the pair to initiate long positions, it added.

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