Rupee trims some gains; trades at 69.68 per dollar

The Indian rupee trimmed some of its morning gains as it trading higher by 9 paise at 69.68 per dollar against previous close 69.77.

Rupee consolidated in a narrow range but broadly traded with a positive bias against the US dollar. Weakness in the dollar against its major crosses has been one of the major reasons that led to the appreciation in the rupee, said Motilal Oswal.

On the domestic front, data showed India’s fiscal deficit stood at 114.8% per cent of the budgeted target for the current fiscal year. The fiscal deficit for the corresponding period last financial year stood at 112%. Yesterday, US equities closed the session on a positive note and volatility for major currencies is expected to remain low as most global equities remain shut on account of New Year holiday. Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05, it added.