ICICIdirect expects US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR September contract to buy. Buy USD/INR September futures in the range of 66.45-66.55 with target 66.73-66.92.''

The rupee weakened for a second session against the US dollar, completing its biggest monthly drop in two years, as investors remained risk averse amid a sell-off in Chinese shares and expectations of a September rate increase by the Federal Reserve. The Indian currency ended the day at 66.48, down 0.51% from the previous close of 66.14. The dollar index against six major currencies ended at 95.92, down 0.24% from the previous close of 96.15.

In the currency futures market, the most traded dollar-rupee September contract on the NSE ended at 66.84. The September contract open interest was up 2.28% from the previous day. October contract open interest was up 3.24% from the previous day.

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