The rupee on Thursday opened 7 paise higher at 71.26 against the US dollar on account of some selling in American currency by banks and exporters.

The rupee continued to consolidate in a narrow range on Wednesday and volatility for the USDINR pair has been low despite instability in global crude oil prices and the dollar against its major crosses. Gains for the rupee remained restricted in the previous trading session despite fall in global crude oil prices.

The local currency on Wednesday snapped its three-day losing streak and settled 11 paise higher at 71.33 against the greenback.

Oil prices remained steady but traded with a slight negative bias as concerns over global growth and a sharp rise in US stocks kept the market under pressure. On the domestic front, no major economic number is expected to release and that could keep the volatility for the currency.

“Today, USDINR pair is expected to quote in the range of 70.70 and 71.50,” Motilal Oswal Financial Services said in a report.

Pound on the other hand rose above 1.3 levels on signs that British lawmakers will move to prevent a disorderly no-deal exit from the European Union. Today, market participants will be keeping an eye on the ECB policy statement to gauge a view for the Euro against the US dollar.