Today, USD-INR pair is expected to quote in the range of 70.40 and 71.05, says Motilal Oswal.
The Indian rupee opened flat at 70.46 per dollar on Thursday against previous close 70.46.
Rupee continued to remain under pressure and weighed down on back of strength in the dollar against its major crosses and rally in global crude oil prices. In the last few session crude has been rallying and extended gains in crude could keep the rupee under pressure, said Motilal Oswal.
Crude oil rose as the extension of US-China talks in Beijing raised hopes that the world’s two largest economies would resolve their trade standoff. On the domestic front, there is speculation doing round that the government may soon come out with a package to support farmers.
Today, USD-INR pair is expected to quote in the range of 70.40 and 71.05, it added.
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