ICICIdirect expects the USD to find supports at lower levels. ''Utilise downsides in the pair to go long on the USDINR pair. July futures in the range of 64.30-64.40 with target 64.55-64.65.'' 

The rupee was little changed against the USD in thin trading, as investors turned cautious ahead of the US Federal Reserve's two-day monetary policy review meeting that concludes today. The USD ended the day with mild gains as losses vs. Euro were offset by gains against Japanese Yen and other major currencies. US Conference board Consumer confidence rose to 16-year highs to 121 amid declining
inflation.

Traders await Federal Reserve monetary meeting outcome today to get an insight into Fed’s thinking on interest rate hike trajectory. In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 64.42. The July contract open interest declined 12.41% from the previous day. August contract open interest increased 3.01% 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.