'The rupee weakened on Monday on sustained buying of dollars by importers even as most other Asian currencies rallied on hopes of more foreign flows after monetary stimulus measures in China and Europe. The Indian currency ended the day at 61.94, down 0.28% from its previous close of 61.76. The dollar index against six major currencies closed at 88.16, down 0.14% from its previous close of 88.28 ,'' 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 61.70-61.80 with target 61.98-61.80.''
''In the currency futures market, the most traded dollar-rupee November contract on the NSE closed at 61.94. The November contract open interest was down 10.92% from the previous day.''
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