Rupee trades lower at 70.76 per dollar

The Indian rupee is trading lower by 27 paise at 70.76 against Friday's close 70.49.

Rupee continued to consolidate in a narrow range ahead of the important industrial production number that was released on Friday. Data showed IIP rose at a slower pace in November at 0.5% compared to growth of 8.1% in the previous month, said Motilal Oswal.

On the domestic front, market participants will be keeping an eye on the inflation number that will be released today. Expectation is that price rise could be slower in December compared to the previous month thereby keeping the rupee supported on lower levels. Today, USD-INR pair is expected to quote in the range of 70.30 and 71.05, it added.