Today, USD-INR pair is expected to quote in the range of 70.40 and 71.20, says Motilal Oswal.
After a flat start the Indian rupee is trading lower by 8 paise at 70.95 per dollar versus previous close 70.87.
Rupee fell against the US dollar after appreciating for three successive sessions. The move came in primarily on back of shirt covering move and after Brent crude prices stabilised around the USD 60 mark. Importers rushed into buying the dollar at lower levels as they felt a lot of pain in the recent past because of the dollar strengthening. Ahead of the important G20 meeting market participants could remain on the sidelines and volatility for major currencies could be confined to a narrow range, said Motilal Oswal.On the domestic front, no major economic data is expected to be released but most investors will be awaiting for more cues on the trade war front from the G20 meeting. Today, USD-INR pair is expected to quote in the range of 70.40 and 71.20, it added.The Great Diwali Discount!
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