''The rupee gained for a second consecutive session on Monday after the ruling party's success in two state elections and the government's removal of diesel subsidies and a hike in natural gas prices sparked hopes of additional reforms. The Indian currency ended the day at 61.36, up 0.13% from its previous close of 61.44. The dollar index against six major currencies closed at 85.02, down 0.21% from its previous close of 85.20,'' said ICICIdirect in its report.
ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilize declines in the USD/INR October contract to buy. Buy USD/INR October futures in the range of 61.10-61.20 with target 61.35-61.55.''
''In the currency futures market, the most traded dollar-rupee October contract on the NSE closed at 61.45. The October contract open interest was down 6.15% from the previous day.''
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