Today, USD-INR pair is expected to quote in the range of 71.05 and 71.70, says Motilal Oswal.
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.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.