Today, USD-INR pair is expected to quote in the range of 71.05 and 71.50, says Motilal Oswal.
The Indian rupee is trading higher at 71.17 per dollar versus previous close 71.25.
Yesterday, rupee closed almost flat against the US dollar but broadly consolidates in the range of 70.70 and 71.40 levels for the fifth successive session. Global crude oil prices witnessed selling pressure on higher levels after US crude oil exports hit an all-time high as output from the nation’s shale fields continues to surge, said Motilal Oswal.On the domestic front, no major economic data is expected to be released and lack of cues on the global front could keep the volatility for the currency. Today, USD-INR pair is expected to quote in the range of 71.05 and 71.50, it added.