ICICIdirect expects the USD to find supports at lower levels. ''Utilise downsides in the pair to go long on the USDINR pair. May futures in the range of 64.60-64.70 with target 65.05-65.10.''

The rupee marked its biggest single-day fall in nearly 21 months against USD, as political unrest in the US involving President Donald Trump dented investors' appetite for risk assets.

The USD recovered slightly against major currencies due to profit booking and recovery in yields. Even though USD weakened against majors, it strengthened against most emerging currencies as recent political turmoil in the US has weighed on risk-on sentiment. We expect the USD index to find supports above 96.50 level in the near term.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.93. The May contract open interest declined 14.42% from the previous day. June contract open interest increased by 5.19% in the last session.

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