ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. ''Utilise pullbacks in the USD/INR November contract to sell. Sell USD/INR November futures in the range of 66.42-66.52 with target 66.22-66.04.''

The rupee erased early gains to end on flat note against the dollar, as sustained importer demand for the US currency offset gains from custodian inflows. However, overall losses in the rupee were limited on suspected dollar sales by the central bank. The Indian currency ended the day at 66.18, down 0.01% from the previous close of 66.175.

The dollar index against six major currencies ended at 99.61, up 0.59% from the previous close of 99.02. In the currency futures market, the most traded dollar-rupee November  contract on the NSE ended at 66.23. The November contract open interest was up 7.14% from the previous day. December contract open interest was up 42.55% from the previous day.

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