Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30, says Motilal Oswal.
The Indian rupee has recovered from the day's low point and trading higher by 8 paise at 70.37 per dollar versus Monday's close 70. 45.Rupee fell against the US dollar after appreciating for three successive sessions as global crude oil prices stabilized ahead of the important OPEC meeting scheduled later this week. Crude was supported on lower levels after Qatar energy minister said that Qatar will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying
to show unity in tackling an oil price slide, said Motilal Oswal.On the domestic front, market participants will now be keeping an eye on the RBI policy, wherein the central bank is expected to hold rates unchanged. Investors will also be keeping an eye on the forecast report for the coming year to gauge a view on the rupee. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30, it added.