ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. June futures in the range of 64.48-64.58 with target 64.25-64.15.'' 

The rupee fell for the first time in three days against the USD, as market participants remained cautious ahead of US Fed FOMC monetary meeting this week. The USD recovered some of its losses against major currencies as the pound fell post UK election verdict.

The British pound fell over 1.60% as the Conservative party lost majority though turning out to be biggest party in this general election. Upcoming US Fed FOMC meeting is expected to provide cues on the interest rate hike trajectory in near term.

In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.40. The June contract open interest declined 13.54% from the previous day. July contract open interest increased 0.23% in the last session.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.