ICICIdirect expect the US dollar to attract selling pressure on rallies against the INR. "Utilise the highs in the USD/INR November contract to sell below 55.52 with 55.34/55.25 and a stop loss of 55.61," it says.

"In the currency futures market, the most traded dollar-rupee November contract on the NSE closed at 55.40. The December contract open interest was up 13.6% from the previous day," it notes.

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