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 66.55-66.65 with target 66.36-66.25.''

The rupee erased early losses to end at a one-week high against the dollar, after the central bank reduced key interest rates by a larger-thanexpected quantum and opened up space for more foreign investment in sovereign debt. The Indian currency ended the day at 65.96, up 0.12% from the previous close of 66.04. The dollar index against six major currencies ended at 95.90, down 0.11% from the previous close of 96.00.

In the currency futures market, the most traded dollar-rupee October contract on the NSE ended at 66.30. The October contract open interest was up 5.62% from the previous day. November contract open interest was up 8.46% from the previous day.

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