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 64.40-64.50 with target 64.25 / 64.15.'' 

The rupee ended slightly lower on account of expectations of earlier than expected stimulus pullback by major central banks while rising domestic equities helped contain sharp losses. USD posted a mild recovery as traders unwound short positions ahead of US Fed's monetary policy meeting.

Although the Fed is widely expected to hold rates, traders await cues on the rate hike trajectory amid weak inflation data and Fed's plan on stimulus unwinding. Any hawkish assessment could see a sharp reversal across currencies vis-a-vis USD.

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 11.70% from the previous day. August contract open interest increased 5.74% in the previous session.

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