ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR July contract to buy.  Buy USD/INR July futures in the range of 63.86-63.96 with target 64.12-64.35.''

The rupee extended its weak move to a more than a month's low against the US dollar, as a crash in Chinese shares weighed heavily on domestic stock indices and sparked worries of foreign fund outflows, offsetting gains from a weaker greenback. The Indian currency ended the day at 64.16, down 0.20% from the previous close of 64.04. The dollar index against six major currencies ended at 96.55, down 0.67% from the previous close of 97.20.

In the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 64.22. The July contract open interest was down 28.86% from the previous day. The August contract open interest was up 6.13% from the previous day.

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