''Domestic markets rallied on Thursday, with the rupee posting its biggest single-day gain in seven months and rebounding from a 13-month low, after the US Federal Reserve said it would take a 'patient' approach in deciding when to raise interest rates. The Indian currency ended the day at 63.11, appreciating 0.79% from its previous close of 63.61. The dollar index against six major currencies closed at 89.23, gaining 0.19% from its previous close of 89.23,'' said ICICIdirect in its report.
ICICIdirect expect the INR to garner buying support near 63.40 levels against the dollar. ''Utilize upsides in the USD/INR December contract to sell. Sell USD/INR December futures in the range of 63.25-63.35 with target 63.00-62.90.''
''In the currency futures market, the most traded dollar-rupee December contract on the NSE closed at 63.24. The December contract open interest was down 13.26% from the previous day,'' it added.
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