ICICIdirect expects the USD to find resistance at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. June futures in the range of 64.55-64.65 with target 64.30-64.20.'' 

The rupee posted its first weekly loss in four weeks against the USD, as expectation of a third interest rate increase in the US this year remained firm after the just concluded Fed Monetary meeting. The USD fell against major currencies as dollar gains over Japanese Yen were more than offset by losses in the British pound and Euro.

JPY fell sharply against most majors as the BoJ maintained its easy monetary policy leading to further widenig policy divergence between BoJ and other major central banks.

In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.52. The June contract open interest declined 13.45% from the previous day. July contract open interest increased 2.60% in the previous session.

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