The rupee opened weaker tracking broad based losses in the euro amid heightened risk aversion. Dollar demand by oil importers coupled with intraday losses in domestic stocks further weighed on the currency. However, the downside was limited on the back of comments by Finance Minister Chidambaram that India may "scrap or ease" many foreign investment caps. The rupee ended at 54.16, down 0.30 percent from the previous day's close of 54.02. The dollar index against six major currencies was at 82.68, up 0.7 percent from its previous close.
In the currency futures market, the most traded dollar-rupee March contract on the NSE closed at 54.30. The March contract open interest was down 7.50percent from the previous day. The April contract open interest was up 6.5percent from the previous day. We expect the US dollar to garner buying support on declines against the INR. Utilise the lows in the USDINR March contract to buy.
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