Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30, says Motilal Oswal.
Indian rupee is trading lower by 60 paise at 70.19 per dollar on Monday against Friday's close of 69.59.
“The rupee has declined today on account of sharp rebound in the crude oil prices in the international market. Further India's GDP and fiscal deficit data disappointed the market. Hence the rupee is under pressure, " said Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers.
Focus will now shift to the RBI and OPEC meetings. The RBI is likely to keep interest rate unchanged in the policy meet. But its guidance will be important,” he added.
Rupee rose for the third successive session primarily as global crude oil prices came under pressure but had restricted as the dollar weakened against its major crosses. Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut this week. OPEC and its main partner Russia are due to meet in Vienna on Dec. 6 and 7 to agree production strategy, said Motilal Oswal.
On the domestic front, market participants will be keeping an eye on the RBI policy meeting, where the central bank is expected to hold rates unchanged.
On Friday, data showed India’s economy grew 7.1 percent in Q2 compared to growth of 8.2 percent in the previous quarter. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30, it added.
