We expect the USD-We expect the USD-INR pair to quote in the range of 70.70 and 71.40, says Motilal OswalINR pair to quote in the range of 70.70 and 71.40, says Motilal Oswal
The Indian rupee has erased morning gains and trading lower at 71.12 per dollar against previous close 71.08.
Rupee consolidated in a range of 71 and 71.30 ahead of the important announcement of the interim budget. In the first half of the session volatility could be confined to a narrow range but post the interim budget announcement volatility could increase. But broadly we expect the USD-INR pair to quote in the range of 70.70 and 71.40, said Motilal Oswal.
In today’s interim budget, market participants will be keeping an eye on if it nudges the fiscal deficit target for the coming year. If the fiscal number is raised higher the rupee could come under pressure in the latter half of the session, it added.
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