Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30-70.50, says Motilal Oswal.
The Indian rupee trading higher by 19 paise at 69.82 per dollar versus 70.01 Friday.
Rupee consolidated in a narrow range ahead of the important US GDP number and after global crude oil prices witnessed some retracement from higher levels. In the recent past, crude oil prices rallied but the expectation of increased supply output from OPEC capped major gains for the commodity, said Motilal Oswal.
On the domestic front, market participants will be keeping an eye on the fiscal number to gauge a view for the rupee. But major crosses will be taking cues from the FOMC policy statement that is scheduled tomorrow.
The expectation is that the central bank could main a status quo but what the stance will be going ahead for the Fed could trigger a move for the currency. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30-70.50, it added.
Rupee consolidated in a narrow range ahead of the important US GDP number and after global crude oil prices witnessed some retracement from higher levels. In the recent past, crude oil prices rallied but the expectation of increased supply output from OPEC capped major gains for the commodity, said Motilal Oswal.
On the domestic front, market participants will be keeping an eye on the fiscal number to gauge a view for the rupee. But major crosses will be taking cues from the FOMC policy statement that is scheduled tomorrow.
The expectation is that the central bank could main a status quo but what the stance will be going ahead for the Fed could trigger a move for the currency. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30-70.50, it added.
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