ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR June contract to buy. Buy USD/INR June futures in the range of 64.12-64.22 with target 64.40-64.59.''
The rupee fell to a near two-week low against the US currency, hurt by broad strength in the dollar on expectations of Federal Reserve rate hikes and month-end demand for the greenback. The Indian currency ended the day at 63.98, down 0.66% from the previous close of 63.56. The dollar index against six major currencies ended at 97.23, up 0.87% from the previous close of 96.40.
In the currency futures market, the most traded dollar-rupee May contract on the NSE closed at 63.99. The May contract open interest was down 19.27% from the previous day. June contract open interest was up 23.53% from the previous day.