ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. May futures in the range of 64.40-64.45 with target 64.20-64.00.''

The rupee fell for the first time in four sessions against the dollar, tracking weak local shares. Dollar demand from importers also trimmed early gains triggered by broad greenback weakness, after US President Donald Trump's tax reform plans disappointed investors.

Eurozone government bond yields tumbled and the euro hit session lows after European Central Bank chief Mario Draghi said policymakers did not discuss removing the bank's easing bias on monetary policy at Thursday's meeting.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.39. The May contract open interest increased by 65.20% from the previous day. June contract open interest moved to 349033 contracts.

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