Rupee trades lower at 71.69 per dollar

We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, says ICICIdirect.

After a flat start the Indian rupee is trading 14 paise lower at 71.69 per dollar versus previous close 71.55.

The Indian rupee on August 21 clawed back some lost ground to close at 71.55, up 16 paise against the US dollar in line with stronger emerging market currencies, said PTI.

Starting off on a bullish note, the rupee surged to a high of 71.36 per dollar during the day before settling at 71.55, clocking a gain of 16 paise, it added.

The dollar-rupee August contract on the NSE was at 71.59 in the previous session. Open interest declined 8.09% in the previous session, said ICICIdirect.

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