ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. ''Utilise pullbacks in the USD/INR October contract to sell. Sell USD/INR September futures in the range of 65.84-65.94 with target 65.65-65.46.''
The rupee continued to show strength and appreciated to a six-week high against the US dollar in Thursday's session, holding on to early gains, helped by strong custodian inflows in the holiday shortened week and improved global risk appetite. The Indian currency ended the day at 65.51, up 0.11% from the previous close of 65.58. The dollar index against six major currencies ended at 95.92, down 0.20% from the previous close of 96.11.
In the currency futures market, the most traded dollar-rupee October contract on the NSE ended at 65.82. The October contract open interest was up 16.59% from the previous day. November contract open interest was up 2.60% from the previous day.