ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides to go short on the USDINR pair. August futures in the range of 63.95-64.05 with target 63.70-63.60.''

The rupee posted its first loss in five sessions against the USD tracking a sharp rebound in the USD triggered by a better-than-expected US nonfarm payrolls data. The USD fell yesterday as Fed officials downplayed concerns on stimulus withdrawal.

They also raised concerns on inflation as traders booked profits in the USD from a recent rise due to higher-than-expected July employment data. The euro continues to surge while Japanese Yen also gained on rising risks over North Korea.

In the currency futures market, the most traded dollar-rupee August contract on the NSE ended at 63.97. The August contract open interest declined 6.21% from the previous day. September contract open interest increased 2.56% in the previous session.

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