ICICIdirect expects US dollar to meet supply pressure on rallies against the rupee. ''Utilise pullbacks in the USD/INR September contract to sell. Sell USD/INR September futures in the range of 66.90-67.00 with target 66.72-66.55.''
The rupee appreciated against the US dollar, as banks sold the greenback for their corporate and exporter clients. Hopes of an interest rate hike from the Federal Reserve also weakened after recent weak Chinese economic data, reducing demand for the greenback. The Indian currency ended the day at 66.22, up 0.40% from the previous close of 66.48.
The dollar index against six major currencies ended at 95.37, down 0.58% from the previous close of 95.92. In the currency futures market, the most traded dollar-rupee September contract on the NSE ended at 66.58. The September contract open interest was down 0.71% from the previous day. October contract open interest was up 1.59% from the previous day.