ICICIdirect expects the US dollar to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. July futures in the range of 64.40-64.50 with target 64.15-64.05.'' 

The rupee rose to a more-than-one-month high against the USD, as weak US inflation and retail sales data pushed back expectations of another Federal Reserve rate hike this year. The USD continue to remain weak as a fresh setback to the health bill has raised concerns on reforms rollout by the Trump administration.

Two more senators are opposed to the health bill that is the alternative to Obamacare in its current form. This weighed on the USD and is currently trading at near 11 months low. Euro and Japanese Yen continued to post decent gains along with other major currencies.

In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 64.44. The July contract open interest increased 6.19% from the previous day. August contract open interest increased 11.41% in the previous session.

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