ICICIdirect expects the USD to find resistance at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. June futures in the range of 64.65-64.75 with target 64.40-64.30.'' 

The rupee covered intraday losses due to upbeat domestic equities and expectations of foreign fund inflows offset USD strength. The USD witnessed profit booking against major currencies as investors doubted the Fed's ability to raise interest rates in the face of weak inflation and recent sluggish employment data.

Overall, the USD could remain in a range as the dollar index has near term supports at 96-level. Political concerns surrounding the US President also weighed on USD.

In the currency futures market, the most traded dollar-rupee June contract on the NSE ended at 64.59. The June contract open interest increased 2.14% from the previous day. July contract open interest increased 0.14% in the previous 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.