Today, USD-INR pair is expected to quote in the range of 70.05-69.80 and 70.60-70.80, says Motilal Oswal.
The Indian rupee ended near day's high at 70.01 per dollar on April 26. It gained by 24 paise versus Thursday previous close 70.25.
On April 25 the domestic currency ended 39 paise at 70.25 against the US currency on the back of rising crude oil prices in the international markets and sell-off in domestic equity markets.
Yesterday the rupee has registered a lowest close since March 6, while this is a biggest single session fall since April 8.
Yesterday the rupee came under pressure after the dollar against its major crosses rose to the highest level since June’17. On the other hand, global crude oil prices were weighed down on expectation that OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Iran. For India, expectation is that the shortfall will be made from alternate supply sources available in Saudi Arabia, Kuwait, UAE and Mexico, said Motilal Oswal.Today, USD-INR pair is expected to quote in the range of 70.05-69.80 and 70.60-70.80, it added.
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