Today, USD-INR pair is expected to quote in the range of 72.70 and 73.30, says Motilal Oswal.
After a strong opening, the Indian rupee erased some of its morning gains as it its trading around 73 per dollar level.
It opened higher by 17 paise at 72.95 per dollar versus previous close 73.12. It is trading at 73.03 per dollar.
Rupee after strengthening in the past few sessions came under pressure in yesterday’s sessions ahead of the important mid-term elections and FOMC policy statement that will be released this week, said Motilal Oswal.
On the domestic front, no major economic data is expected to be released but market participants will be taking cues from how global crude oil prices from here on.
Yesterday, crude rebounded from its lows after a five day slump as the United States formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic.Oil markets have been anticipating the sanctions for months. Prices have been under pressure as major producers including Saudi Arabia and Russia have ramped up output to near-record levels. Today, USD-INR pair is expected to quote in the range of 72.70 and 73.30, it added.