Rupee at day's low, trades at 69.70 per dollar
Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, says Motilal Oswal.
May 28, 2019 / 02:20 PM IST
The Indian rupee is trading lower by 20 paise at 69.70 per dollar against previous close 69.50.
On May 27 the rupee ended marginally lower at 69.50 per dollar after it erased all its morning gains on the back of recovery in the greenback against other major currencies.
Rupee consolidated in a narrow range against the US dollar as most market participants remained cautious ahead of the important GDP number that will be released later this week, said Motilal Oswal.
Expectation is that growth number could come in at 6.4% compared to growth of 6.6% in the previous quarter. On the other hand, fiscal number will also be released and widening deficit could keep the rupee under pressure.
Consolidation for major crosses was also seen in yesterday’s session as US markets were shut on account of Memorial Day. Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.