For the day, the USD-INR pair is expected to quote in the range of 67.25 and 67.80, says Motilal Oswal.
Moneycontrol News
The Indian rupee opened lower by 7 paise at 67.33 per dollar on Thursday versus previous close 67.26.
According to Motilal Oswal, rupee fell to the lowest level in 15-months following surge in global crude oil prices and fund outflows from FIIs in equity and debt segment. This month, fund outflows from the FIIs has been to the tune of USD 1.4billion including equity and debt segment.
On the other hand global crude oil prices rose to the highest level in three years after the US pulled out of an international nuclear deal with Iran.
Market participants will be keenly keeping an eye on crude oil prices as that would be important to determine fresh trigger for the currency. For the day, the USD-INR pair is expected to quote in the range of 67.25 and 67.80, it added.