Indian rupee opens flat at 67.42 per dollar

The Indian rupee opened flat at 67.42 per dollar on Thursday versus previous close 67.43.

Rupee consolidated in a narrow range but in the latter half of the session rose against the US dollar as political uncertainty in Italy eased. Currency was also supported as the dollar fell against its major crosses after Q1 preliminary growth number for the US showed that the economy could grow at a slower pace, said Motilal Oswal.

Data showed the US economy is expected to grow at 2.2% compared to estimates of 2.3%. On the domestic front, market participants will be keeping an eye on Q4 GDP number; expectation is that India’s economy could grow at 7.3% compared to growth of 7.2% in the previous quarter.

Today, rupee is expected to open around 67.70 and, for the day, expected to quote in the range of 67.50 and 67.90, it added.