''The rupee hit a two-week low on Thursday, falling for a third consecutive session as the dollar got a boost after the US Federal Reserve struck a more hawkish tone than expected at its policy meeting. The Indian currency ended the day at 61.45, down 0.16% from its previous close of 61.35. The dollar index against six major currencies closed at 86.16, up 0.20% from its previous close of 85.99,'' said ICICIdirect in its report.
ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilize declines in the USD/INR November contract to buy. Buy USD/INR November futures in the range of 61.42-61.52 with target 61.70-61.85.''
''In the currency futures market, the most traded dollar-rupee November contract on the NSE closed at 61.77. The November contract open interest was up 2.17% from the previous day.''
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