The Indian rupee is trading lower by 41 paise at 71.47 per dollar versus previous close 71.06.
On Tuesday, rupee came under pressure in the first half of the session following tension arising between India and Pakistan border. On the domestic front, data showed India’ fiscal deficit stood at 121.5% of the budgeted estimate of Rs 6.24 lakh crore for 2018-19. The gap was 112.4% in December and 113.7% in January 2018, said Motilal Oswal.
On the other hand, crude rebounded following a surprise draw in crude oil inventory of 4.2 million barrels for the week ending 22nd February. Today, USD-INR pair is expected to quote in the range of 71.05 and 71.70, it added.