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 64.44-64.54 with target 64.18-64.08.'' 

The rupee posted mild gains on the back of a weak USD against majors as well as recovery in domestic equities. Expectations of an interest rate cut next month is also supporting rupee amid robut foreign inflows. The USD fell with the dollar index testing 11-months low as traders pull back their expectation of the US President’s ability to rejuvenate reforms.

A fresh setback to health care bill amid weak CPI data has weighed on Fed's interest rate hike trajectory. Euro and Japanese Yen continue to gain ahead of ECB and BoJ monetary policy review meetings tomorrow.

In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 64.37. The July contract open interest declined 3.46% from the previous day. August contract open interest increased 7.28% in the previous session.

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