ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR August contract to buy. Buy USD/INR August futures in the range of 63.90-64.00 with target 64.18-64.34.''

The rupee appreciated for the first time in five sessions against the US dollar, tracking strength in other regional peers, as the greenback fell on caution ahead of the Federal Reserve's policy meeting. The Indian currency ended the day at 63.91, up 0.39% from the previous close of 64.16. The dollar index against six major currencies ended at 96.65, up 0.11% from the previous close of 96.55.

In the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 63.92. The July contract open interest was down 26.87% from the previous day. The August contract open interest was up 3.95% from the previous day.

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