ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR October contract to buy. Buy USD/INR October futures in the range of 64.86-64.96 with target 65.16-65.35.''
The rupee fell marginally against the US dollar, tracking weakness in local shares that raised concerns of foreign fund outflows. Caution ahead of the release of the Federal Reserve’s September policy meeting minutes also weighed on sentiment. The Indian currency ended the day at 65.05, down 0.11% from the previous close of 64.98.
The dollar index against six major currencies ended at 95.24, down 0.35% from the previous close of 95.57. In the currency futures market, the most traded dollar-rupee October contract on the NSE ended at 65.30. The October contract open interest was up 7.30% from the previous day. November contract open interest was up 14.61% from the previous day.
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