Rupee trades higher at 71.86 per dollar

Indian rupee has recovered from the day's low point of 72.08 per dollar. It is trading higher by 6 paise at 71.86 per dollar against Friday's close of 71.92.

After a flat opening the rupee fell 16 paise to 72.08 intraday Monday.

The dollar-rupee November contract on the NSE was at 71.99 in the previous session. November contract open interest declined 5.66% 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.

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