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 64.70-64.80 with target 64.45-64.35.''

The rupee posted its biggest weekly fall in six months against the USD, as lingering political uncertainty in the US involving President Donald Trump kept investors away from risk assets.

The USD further extended losses against major as well as emerging market currencies due to recent uncertainty seen around the US President's political actions. Recent gains in the euro amid strengthening pro-Euro political development weighed on the USD. However, we see limited losses in US$ index from these levels.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.70. The May contract open interest declined 11.28% from the previous day. June contract open interest increased by 10.33% in the last session.

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