''The rupee fell on Monday, posting its worst month since the record low levels of August 2013, as the dollar continued to strengthen against emerging market currencies over growing bets for an early hike in U.S. interest rates. The Indian currency ended the day at 61.75, down 0.35% from its previous close of 61.53. The dollar index against six major currencies closed at 85.93, up 0.36% from its previous close of 85.62,'' said ICICIdirect in its report.
ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR October contract to buy. Buy USD/INR October futures in the range of 61.90-62 with target 62.20-62.35.''
''In the currency futures market, the most traded dollar-rupee October contract on the NSE closed at 62.11. The October contract open interest was down 1.92% from the previous day.''
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