ICICIdirect expects US dollar to meet supply pressure on rallies against the rupee. ''Utilise pullbacks in the USD/INR September contract to sell. Sell USD/INR September futures in the range of  66.60-66.70 with target 66.42-66.25.''

Post opening weak, the rupee recovered in the second half of the day. However, at the end, it settled marginally weak against the US dollar, as lingering uncertainty over China's economic slowdown led to a decline in local shares, raising concerns on foreign fund outflows. The Indian currency ended the day at 66.13, down 0.06% from the previous close of 66.10. The dollar index against six major currencies ended at 95.26, up 1.41% from the previous close of 93.94.

In the currency futures market, the most traded dollar-rupee August contract on the NSE ended at 66.19. The August contract open interest was down 9.50% from the previous day. September contract open interest was up 32.20% from the previous day.

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