ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR November contract to buy. Buy USD/INR November futures in the range of 66.20-66.30 with target 66.50-66.68.''
The rupee depreciated to an over two-month low against the US dollar, tracking broad gains in the greenback amid strengthening bets of a more likely interest rate increase from the Federal Reserve in next month's meeting. The Indian currency ended the day at 66.47, down 0.44% from the previous close of 66.18. The dollar index against six major currencies ended at 99.76, up 0.15% from the previous close of 99.60.
In the currency futures market, the most traded dollar-rupee November contract on the NSE ended at 66.50. The November contract open interest was up 19.50% from the previous day. December contract open interest was up 13.76% from the previous day.