Today, USD-INR pair is expected to quote in the range of 72.50 and 73.05, says Motilal Oswal.
After a strong opening the Indian rupee erased some morning gains as it is trading higher by 22 paise at 72.78 per dollar.
It opened higher by 30 paise at 72.70 per dollar versus Tuesday's close of 73 per dollar.
Rupee rose against the US dollar after the Mid-term elections results showed that the Democrats gained control of the house hitting the magic 218-seat mark to guarantee a majority, after flipping multiple Republican-controlled seats. The elections delivered the most expected outcome: split control of the US Congress, with Democrats winning control of the House of Representatives and Republicans cementing their majority in the Senate. That’s a better-than-average performance; usually the president’s party loses Senate seats in midterms, said Motilal Oswal.
The major averages had earlier hit their session highs after US President Donald Trump indicated he is willing to work with Democrats on policy initiatives that would help the economy keep growing.
Today, USD-INR pair is expected to quote in the range of 72.50 and 73.05, it added.
