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 63.99-64.09 with target 63.80-63.62.''

"The rupee fell against the US dollar, marking its biggest monthly loss since December, as weaker local stocks fuelled concerns of further foreign fund outflows. The Indian currency ended the day at 63.42, down 0.20% from the previous close of 63.30. The dollar index against six major currencies ended at 95.45, up 0.25% from the previous close of 95.21.

In the currency futures market, the most traded dollar-rupee May contract on the NSE closed at 62.80. The May contract open interest was up 17.79% from the previous day.  June contract open interest was up 8.26% from the previous day."

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