''The rupee rebounded sharply from a one-and-a-half month low hit early on Friday after Standard and Poor's raised the country's sovereign rating outlook, with the recovery in local shares also aiding. The Indian currency ended the day at 61.14, up 0.33% from its previous close of 61.34. The dollar index against six major currencies closed at 85.62, up 0.52% from its previous close of 85.18,'' said ICICIdirect in its report.

ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilize declines in the US$/INR October contract to buy. Buy USD/INR October futures in the range of 61.36-61.46 with target 61.65-61.80.''

''In the currency futures market, the most traded dollar-rupee October contract on the NSE closed at 61.58. The October contract open interest was up 4.63% from the previous day.''

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