ICICIdirect expects the USD to meet resistance at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. May futures in the range of 64.30 -64.40 with target 64.15-64.05.''

The rupee was little changed against the US currency, as USD demand from crude oil and other commodity importers offset record gains in domestic equities. USD declined sharply against major currencies as recent events surrounding the US President weighed on USD.

Market participants seemed to exit US reflation trades as political concerns have taken centerstage over economic agenda. USDJPY fell sharply due to dent to risk-on sentiment while euro posted gains of near 1% due to weak USD.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.18. The May contract open interest declined 0.19% from the previous day.  June contract open interest rose 12.01% in the last session.

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