ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go long on the USDINR pair. August futures in the range of 64.45-64.55with target 64.30-64.20.'' 

The rupee was little changed against the USD, as investors awaited the U.S. Federal Reserve's monetary policy statement for indications about its future rate increases as well as its plans to reduce its bond holdings.

The USD fell sharply against major currencies post Federal Reserve monetary policy announcement. Fed kept rates unchanged as per expectation while accepting that inflation has ''declined''. Fed also signalled on stimulus pullback ''relatively soon'' which market has anticipated as early as September. Euro and Japanese Yen continue to rise with Euro testing 2-year highs.

In the currency futures market, the most traded dollar-rupee August contract on the NSE ended at 64.64. The August contract open interest increased 17.57% from the previous day. September contract open interest increased 3.67% in the previous session.

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