Rupee trades marginally lower at 71.07 per dollar

The Indian rupee is trading marginally lower at 71.07 per dollar on Wednesday versus previous close 71.04.

Rupee was weighed down against the US dollar for the second successive session as uncertainty continued related to Brexit continued to keep most market participants on the edge. On the domestic front, data showed India’s trade deficit in December narrowed $13.08billion compare to $16.67billion in the previous month. In December, merchandise exports rose just 0.34% from a year earlier to $27.93 billion, while imports fell 2.44% to $41.01 billion. Gold imports declined 24% to $2.56 billion in December last year against $3.39 billion in the same month of 2017. Today, USD-INR pair is expected to quote in the range of 70.70 and 71.40.