ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides to go short on the USDINR pair. August futures in the range of 64.00-64.10 with target 63.85-63.75.''

The rupee weakened sharply against USD on the back of profit booking in domestic equities along with escalation in geo-political risk weighing on emerging currencies, including rupee. USD fell against major currencies as gains over Euro were weighed by losses against Japanese Yen and British Pound.

Rise in geo-political risks led to a spike in Japanese Yen, which could see short closure in Japanese Yen. Forex markets remain on the edge amid geo-political risks and US political concerns around the President.

In the currency futures market, the most traded dollar-rupee August contract on the NSE ended at 63.99. The August contract open interest declined 7.70% from the previous day. September contract open interest increased 1.57% in the previous session.

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