Today, USD-INR pair is expected to quote in the range of 73.20 and 73.80.
The Indian rupee is trading at a day low point as it is trading lower by 10 paise at 73.42 per dollar versus Friday's close 73.32.
It has opened at 73.30 per dollar in the early trade on Monday.
Rupee rose for the second successive week despite broad gains in the dollar against its major crosses and one of the primary factors that supported the currency was fall in global crude oil prices. Crude corrected by over 7% in the last couple of weeks on back of swelling US inventories and concern that trade wars were curbing economic activity, reported Motilal Oswal.
Latest CFTC data also showed that Money managers cut net long US crude futures and options positions by 37,080 contracts to 259,375 in the week to October 16.To curb the volatility of the rupee RBI has been intervening consistently and that reflects from the FX reserves data. Last week’s, data showed FX reserves dropped by USD 5.14 billion, largest weekly drop since Nov’11. Reserves now stand at USD 394.46 billion suggesting that the central bank sold over USD 35 billion to curb the volatility of the currency. Today, USD-INR pair is expected to open quote in the range of 73.20 and 73.80, it added.