ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR August contract to buy. Buy USD/INR August futures in the range of 64.13-64.23 with target 64.39-64.54.''

The rupee weakened against the US dollar for a second day, hurt by month-end greenback demand from importers. The near term's probable interest rate hike from the Fed also kept EM currencies including INR under pressure. The Indian currency ended the day at 64.13, down 0.14% from the previous close of 64.04.

The dollar index against six major currencies ended at 97.19, down 0.29% from the previous close of 97.47. In the currency futures market, the most traded dollar-rupee August contract on the NSE closed at 64.49. The August contract open interest was down 8.71% from the previous day. The September contract open interest was up 4.72% from previous day.

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