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 63.57-63.67 with target 63.85-64.02.''
The rupee appreciated to a more than a week’s high against the US dollar, as traders seemed to have squared off positions on caution ahead of a key US jobs data. The Indian currency ended the day at 63.51, up 0.15% from the previous close of 63.61. The dollar index against six major currencies ended at 96.06, down 0.22% from the previous close of 96.27.
In the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 63.81. The July contract open interest was down 2.31% from the previous day. August contract open interest was up 11.54% from the previous day.