ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. ''Utilise pullbacks in the USD/INR October contract to sell. Sell USD/INR September futures in the range of 66.13-66.23 with target 65.93-65.74.''
The rupee recorded its biggest monthly rise in eight months against the US dollar, snapping two months of losses, as the previous day's morethan-expected interest rate cut from the RBI boosted local shares, easing concerns on foreign fund outflows. The Indian currency ended the day at 65.58, up 0.57% from the previous close of 65.96.
The dollar index against six major currencies ended at 96.28, up 0.40% from the previous close of 95.90. In the currency futures market, the most traded dollar-rupee October contract on the NSE ended at 65.90. The October contract open interest was up 2.30% from the previous day. November contract open interest was up 0.85% from the previous day.
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