Today, USD-INR pair is expected to quote in the range of 70.05 and 70.70, says Motilal Oswal.
The Indian rupee has recovered from the day's low hit in the early trade on Friday. It is trading lower by 14 paise at 70.17 per dollar versus previous close 70.03.
On May 16 the domestic currency registered third straight session of gain as it ended 31 paise higher at 70.03 against the US dollar amid firmed oil prices.
Rupee consolidated in a narrow range ahead of the important general election result that will be announced next week. Volatility in today’s session could remain low as market participants will also remain cautious ahead of the exit polls that will start this weekend, said Motilal Oswal.
Last phase of Lok Sabha elections is scheduled on Sunday after which we could witness extended volatility not only in equity indices but also in currencies. Yesterday, dollar also rose against its major crosses after housing numbers released from the US was better-than-expected.US new-home construction rose for a second month and topped estimates in April in a sign of positive momentum for the housing sector at the start of the second quarter. Today, USD-INR pair is expected to quote in the range of 70.05 and 70.70, it added.