ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR June contract to buy.  Buy USD/INR June futures in the range of 64.00-64.10 with target 64.27-64.45.''

The rupee fell to a two-week low against the US dollar, as month-end demand for the greenback from crude oil importers hurt the local currency. The Indian currency ended the day at 64.01, down 0.05% from the previous close of 63.98. The dollar index against six major currencies ended at 97.30, up 0.07% from the previous close of 97.23.

In the currency futures market, the most traded dollar-rupee June contract on the NSE closed at 64.44. The June contract open interest was up 23.98% from the previous day. July contract open interest was up 15.59% from the previous day.

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