ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. ''Utilise pullbacks in the USD/INR April contract to sell. Sell USD/INR April futures in the range of 63.33-63.43 with target 63.12-62.90."

The rupee weakened to its one month low against the U.S. dollar as local stocks fell amid uncertainty over domestic taxation policies, triggering foreign fund outflows. The Indian currency ended the day at 62.91, down 0.88% from the previous close of 62.36. The dollar index against six major currencies ended at 97.90, up 0.47% from the previous close of 97.45.

In the currency futures market, the most traded dollar-rupee April contract on the NSE closed at 63.02. The April contract open interest was down 23.16% from the previous day.  May contract open interest was up 0.43% from the previous day.

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