ICICIdirect expects the US dollar to find resistance near 66.50-67 levels. ''Utilise the upsides in the USD/INR November contract to short. Sell USD/INR November futures in the range of 66.45-66.55 with target 66.10-65.90.''
The rupee rose for the first time in three sessions against the dollar, as weak economic data pulled down the US currency from eight-month highs, giving a boost to Asian peers. However, caution ahead of an imminent interest rate increase from the Federal Reserve next month limited gains in the local currency. The Indian currency ended the day at 66.38, almost flat near previous close of 66.35.
The dollar index against six major currencies ended at 99.76, up 0.15% from the previous close of 99.61. In the currency futures market, the most traded dollar-rupee November contract on the NSE ended at 66.33. The November contract open interest was up 10.07% from the previous day. December contract open interest was up 16.95% from the previous day.
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