The Indian rupee gained in the early trade on Monday. It opened higher by 12 paise at 71.02 per dollar versus previouse close 71.14.
The dollar-rupee February contract on the NSE was at 71.16 in the previous session. February contract open interest declined 4.92% in the previous session, said ICICIdirect.
We expect the USD-INR to meet supply pressure at higher levels. Utilise up sides in the pair to initiate short positions, it added.
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