ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. April futures in the range of 64.60-64.70 with target 64.40-64.30.''

The rupee rose to the highest levels in more than a week against the dollar, in line with most Asian peers, as foreign banks likely sold the greenback for their clients amid improved risk appetite after a pro-European Union centrist won the first round of French Presidential polls.

After intial weakness on the back of a stronger euro, the USD index nursed losses only to close at 99 and ending with losses against major currencies on Monday. However, with the US government again discussing a reform agenda of tax cuts, the index may derive cues from the annoucement.

In the currency futures market, the most traded dollar-rupee April contract on the NSE ended at 64.46. The April contract open interest increased 1.2% from the previous day. May contract open interest rose 20.8% from the previous day.

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