Rupee opens higher at 69.75 per dollar

Utilise the downsides in the pair to initiate long positions, says ICICIdirect.

The Indian rupee opened higher by 26 paise at 69.75 per dollar on Friday versus previous close 70.01.

On May 23, the domestic currency fell 35 paise against the USD to end at 70.01, which is the biggest single session fall since May 13.

However, during the intraday trade rupee touched a high of 69.37 against US dollar.

The dollar-rupee May contract on the NSE was at 70.04 in the previous session. May contract open interest declined 0.58% in the previous session, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilize the downsides in the pair to initiate long positions, it added.

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