ICICIdirect expects the USD to find supports at lower levels. ''Utilise downsides in the pair to go long on the USDINR pair. June futures in the range of 64.60-64.70 with target 65.00-65.10.'' 

The rupee posted its best weekly increase in nearly a month against the USD, as record gains in domestic equities boosted hopes of more foreign fund inflows. The USD ended almost unchanged against major currencies on account of thin trading due to holiday.

However, we expect the USD to post mild gains against major currencies on account of political unease in EU and UK. Narrow lead of ruling conservative party ahead of June 8 elections in UK is expected to weigh on the British pound.

In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.73. The June contract open interest increased 13.66% from the previous day. July contract open interest increased 16.50% in the last session.

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