ICICIdirect expects the USD 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 64.50-64.60 with target 64.30 / 64.20.'' 

The rupee rose for a second week as strength in major currencies against the USD and subdued US inflation supported gains in emerging currencies, including rupee. The USD continue its slide ahead of Federal Reserve Monetary policy meeting announcement on Wednesday.

The Fed is widely expected to hold rates while the focus would be on future rate outlook in the backdrop of the recent downtick in inflation data. Euro rose on expectation of earlier-than-expected stimulus pullback while safe haven demand supported gains in Japanese Yen.

In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 64.36. The July contract open interest declined 2.48% from the previous day. August contract open interest increased 11.76% in the previous session.

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