The local currency on Wednesday advanced 18 paise to close at 69.12 against the US dollar.
The rupee on Thursday opened 9 paise down at 69.21 against the US dollar due to some buying in American currency by banks and importers. The local currency on Wednesday advanced 18 paise to close at 69.12 against the US dollar on strong foreign fund inflows amid the greenback's weakness against key rivals overseas.
In the domestic front, inflation and industrial production number will be released on Friday, but are likely to have minimal impact on the currency. Expectation is that inflation in March could inch higher compared to the previous month, which could keep the gains capped for the rupee.
“Today, USDINR pair is expected to quote in the range of 69.05 and 69.80,” said Motilal Oswal Financial Services.
Yesterday, euro was weighed down after the ECB mentioned that it does not expect to raise rates until the end of 2019 as the economy and inflation both are slowing. The ECB President confirmed that the central bank was considering if measures were needed to mitigate the impact on banks of its negative deposit rates as well as the pricing of new cheap two-year loans to banks.
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