ICICIdirect expects the US dollar to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. July futures in the range of 64.53-64.63 with target 64.30-64.20.'' 

The rupee rose to a more-than-three-week high against the USD, after the US Federal Reserve Chair Janet Yellen's comments signalled a gradual pace of rate increase while domestic June retail inflation fell to 1.54%. The USD traded on a mixed note against major currencies ahead of US June CPI data and central bank meeting lined up next week.

Dollar remain under pressure post US Fed chief Janet Yellen's two-day testimony. Fed's concerns on inflation growth raised the risk for US interest rate hike outlook.

In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 64.55. The July contract open interest increased 2.92% from the previous day. August contract open interest increased 26.66% in the previous session.

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