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

The rupee rose to the highest level in more than 20 months against the dollar, helped by strong local shares and improved risk appetite after the first round of French Presidential elections eased concerns about France exiting the European Union.

The dollar index traded subdued near 98 as odds of the ECB tapering in the coming meetings pick up pace. In the currency futures market, the most traded dollar-rupee April contract on the NSE ended at 64.30.

The April contract open interest declined by 0.71% from the previous day. May contract open interest increased by 62% from the previous day.

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