ICICIdirect expects the 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 66.73-66.83 with target 66.55-66.36.''
The rupee weakened for the first time in the last three days against the US dollar, amid broad greenback strength ahead of US non-farm payrolls data. FIIs' continued profit taking in equity segment also resulted in the rupee's weakness. The Indian currency ended the day at 66.24, down 0.08% from the previous close of 66.19.
The dollar index against six major currencies ended at 96.40, up 0.43% from the previous close of 95.98. In the currency futures market, the most traded dollar-rupee September contract on the NSE ended at 66.52. The September contract open interest was up 2.08% from the previous day. October contract open interest was up 0.29% from the previous day.