ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilise declines in the USD/INR July contract to buy. Buy USD/INR July futures in the range of 63.41-63.51 with target 63.67-63.82.''

The rupee continued to appreciate against the US dollar, as domestic equities displayed a strong recovery even after the initial reaction on the ongoing Greek crisis. Also, the equity segment has commenced witnessing inflows from foreign investors, boosting sentiments and helping the INR to stay strong.

The Indian currency ended the day at 63.40, up 0.07% from the previous close of 63.44. The dollar index against six major currencies ended at 96.26, up 0.32% from the previous close of 95.95. In the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 63.70. The July contract open interest was up 1.07% from the previous day. August contract open interest was up 0.66% from the previous day.

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