USD-INR pair is expected to to quote in the range of 67.45 and 67.80-67.95, says Motilal Oswal.
The Indian rupee opened lower by 12 paise at 67.60 per dollar on Wednesday against previous close 67.48.
Volatility for the USD-INR pair was confined to a narrow range in the past few sessions, but today is expected to open higher at 67.70 levels following weaker-than-expected economic numbers on the domestic front. Data released by CSO showed India’s inflation in May rose 4.87% compared to 4.53% in the previous month on back of higher fuel prices, said Motilal Oswal.The central bank recently forecast retail inflation at 4.7% in October-March period, “with risks tilted to the upside”. On the other hand, India’s industrial production number for April rose 4.9% compared to estimates of 5.2%. Today, USD-INR pair is expected to to quote in the range of 67.45 and 67.80-67.95, it added