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 64.54-64.64 with target 64.30-64.20.'' 

The rupee fell to a more-than-one-week low against USD, in line with Asian peers, as weak global risk appetite weighed on domestic equities ahead of the US Federal Reserve's monetary policy review.

The USD fell against major currencies ahead of US fed FOMC meeting, which concludes on Wednesday. Although an interest rate hike of 25 bps is almost expected, traders await the future rate hike prospects and economic outlook from the Fed. The USDJPY pair could fall sharply if the Fed remains dovish on its economic outlook assessment.

In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.40. The June contract open interest increased 0.65% from the previous day. July contract open interest increased 3.10% in the last session.

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