ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR July contract to buy. Buy USD/INR July futures in the range of 63.63-63.73 with target 63.90-64.05.''
The rupee appreciated to a nearly two-month high against the US dollar, as the latest US jobs data missed market forecasts, damping demand for the greenback as it pushed back expectations of an interest rate increase from the Federal Reserve. The Indian currency ended the day at 63.44, up 0.11% from the previous close of 63.51.
The dollar index against six major currencies ended at 95.95, down 0.11% from the previous close of 96.06. In the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 63.72. The July contract open interest was down 1.67% from the previous day. August contract open interest was up 11.90% from the previous day.