ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR July contract to buy. Buy USD/INR July futures in the range of 63.78-63.88 with target 64.06-64.21.''

The rupee appreciated to a one-week high against the US dollar, helped by a surge in domestic equities that eased concerns on foreign fund outflows amid expectations the Greek debt crisis may be nearing a resolution. The Indian currency ended the day at 63.61, up 0.05% from the previous close of 63.64.

The dollar index against six major currencies ended at 96.27, up 0.78% from the previous close of 95.53. In the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 63.93. The July contract open interest was up 2.19% from the previous day. August contract open interest was up 10.20% from the previous day.

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