ICICIdirect expects the US dollar to gain support at lower levels. ''Utilise downsides in the dollar to go long on the USDINR pair. March futures in the range of 67.05-67.15 with target 67.45-67.65.''

The rupee fell for the first time in three sessions against the dollar likely for crude oil importers, amid caution ahead of the release of the Federal Reserve's latest meeting minutes. The USD index posted minor gains against major currencies with dollar index off the highs of 101.70 levels post Fed FOMC minutes.

Euro posted a recovery against US$ as March US interest rate hike probability fell slightly post the minutes, which failed to provide any cues for March meeting rate hike prospects.

In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 67.23. The March contract open interest rose 29.35% from the previous day. April contract open interest rose 12.32% from the previous day.

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