ICICIdirect expects the USD to find support at lower levels. ''Utilise downsides in the pair to go long on the USDINR pair. April futures in the range of 64.35-64.45 with target 64.75-64.85 .''

The rupee pared early gains to end lower against the USD, as dollar purchases by state-run banks and weak domestic equities wiped out gains stemmed from weak USD. The USD index fell further against major currencies as gains over JPY were offset by losses against the Euro and GBP. USDJPY pair saw some profit booking as risk aversion subsided following lower offensive from the US over North Korea.

GBP and Euro gained as a far right anti-Euro French political party saw some of its support dipping recently. In the currency futures market, the most traded dollar-rupee April contract on the NSE ended at 64.60. The April contract open interest fell 3.55% from the previous day. May contract open interest rose 0.14% from the previous day.

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