Today, USD-INR pair is expected to quote in the range of 72.50 and 73.10, says Motilal Oswal.
After falling below 73 mark during the day the Indian rupee has recovered from the day's low and trading lower by 44 paise at 72.92 per dollar.
It has opened lower by 23 paise at 72.72 per dollar versus Friday's close 72.49.
Rupee consolidated in a narrow range for the whole week ahead of the important events that were lined up from the US. Starting with the US midterm elections, wherein there were no major fireworks and ahead of the FOMC policy statement that was released later last week. The dollar slid against its major crosses after the US Midterm elections verdict delivered a split Congress, said Motilal Oswal.
Democrats won control of the US House of Representatives, giving them the opportunity to block President Donald Trump's push for a further round of tax cuts and deregulation - measures that have boosted the US economy.
In the FOMC policy statement, the Fed chairman hinted that one more rate hike in December is on cards and the overall commentary was hawkish. Today, USD-INR pair is expected to quote in the range of 72.50 and 73.10, it added.
