ICICIdirect expects the US dollar to meet supply pressure on rallies against the rupee. ''Utilise rallies in the USD/INR May contract to sell. Sell USD/INR May futures in the range of  63.95-64.05 with target 63.77-63.58.''

The rupee appreciated the most in a week against the US dollar, as foreign banks sold the greenback amid a global weakness in the US currency after the Federal Reserve indicated it is unlikely to raise interest rates in June. The Indian currency ended the day at 63.64, up 0.29% from the previous close of 63.82. The dollar index against six major currencies ended at 95.39, down 0.58% from the previous close of 95.58.

In the currency futures market, the most traded dollar-rupee May contract on the NSE closed at 63.68. The May contract open interest was down 5.01% from the previous day. June contract open interest was up 11.83% from the previous day.

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