ICICIdirect expects the USD to meet resistance at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. May futures in the range of 64.60-64.70  with target 64.30-64.20.''

The rupee edged lower against the USD, as state-run banks stepped up dollar purchases, erasing gains from broad USD weakness caused by soft housing data and political turmoil in the US.

The US dollar declined sharply due to rising political concerns around the US President's alleged sharing of information with a Russian minister. The USDJPY pair fell sharply over 2% on strong safe haven buying while reflation trades took a hit as market participants viewed the economic agenda while taking a backseat over the recent turn of events.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.25. The May contract open interest declined 4.89% from the previous day. June contract open interest increased by 4.70% in the last session.

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