ICICIdirect expects the US dollar to meet supply pressure on pullbacks against the rupee. ''Utilise rallies in the USD/INR May contract to sell. Sell USD/INR May futures in the range of 63.82-63.92 with target 63.65-63.48.''

The rupee posted significant gains against the US dollar, as caution ahead of the Federal Reserve's policy meeting pushed the greenback down amid a rebound in local shares. The Indian currency ended the day at 63.15, up 0.53% from the previous close of 63.48. The dollar index against six major currencies ended at 96.11, down 0.76% from the previous close of 96.85.

In the currency futures market, the most traded dollar-rupee May contract on the NSE closed at 62.54. The May contract open interest was up 27.86% from the previous day. June contract open interest was up 3.93% from the previous day.

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