Rupee at day's high, trades lower at 69.55 per dollar

The Indian rupee has regained the lost ground and trading near its day's high level. It is trading lower by 11 paise at 69.55 per dollar against previous close of 69.44.

On June 20 Indian rupee rose 24 paise to close at Rs 69.44 against the US dollar on the back of a rally in the domestic equity market.

Rupee rose following a dovish commentary by the Fed, who decided to keep doors open for rate cut in the near future. US 10-year yields came under pressure after the Fed signaled to cut rates. The Fed has certainly become more dovish than they were earlier in the year and it seems pretty likely that they are going to cut the rate at the July meeting, said Motilal Oswal.

The rupee is likely to react more to global factors than to domestic factors which could keep the volatility high. Focus will now shift to the G20 meeting that is scheduled next week and market participants will be keenly awaiting for outcome on the trade talks between US and China.

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.