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.
Rupee Opens Strong; Surges Past 69 Levels For The First Time In Seven Months
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.
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