MUMBAI: Indian rupee has strengthened on Friday against US dollar. Indian currency rose 3 paise or 0.05 percent against dollar to trade at 62.48. Rupee has witnessed a high of 62.43 and a low of 62.51. Its 52-week range was 58.34-63.89.
ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. Utilise rallies in the USD/INR March contract to sell. Sell USD/INR March futures in the range of 63.10-63.20 with target 62.92-62.70.”
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Meanwhile, Swastika Investmart expects the rupee to trade on a neutral to positive note against the dollar taking cues from weaker dollar index, positive industrial output in India and upbeat global markets. However, positive employment data from US and expectations of an interest rate hike in US may cap sharp gains in the rupee.
