In the opening trade, the domestic currency rupee opened on a strong note against the dollar. In comparison to Friday's close of 69.09, rupee opens higher by 18 paise at 68.91 for a dollar.
This is for the first time in seventh month's time since August 10, 2018 that rupee has surged to levels past 69 against the dollar.
The dollar-rupee March contract on the NSE was at 69.23 in the previous session. March contract open interest declined 3.80% in the previous session, said ICICIdirect.
We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.
The volatility in the rupee-dollar and also the strength in rupee has been partly provided by RBI's latest liquidity infusion via the dollar swap deal.