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 63.88-63.98 with target 63.72-63.54.''
The rupee snapped its two days gaining streak against the US dollar, tracking most Asian peers, as traders awaited outcome of the Federal Reserve's policy meeting amid weak local shares. The Indian currency ended the day at 63.30, down 0.24% from the previous close of 63.15. The dollar index against six major currencies ended at 95.19, down 0.97% from the previous close of 96.11.
In the currency futures market, the most traded dollar-rupee May contract on the NSE closed at 62.64. The May contract open interest was up 6.18% from the previous day. June contract open interest was up 18.90% from the previous day.