Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05-70.20, says Motilal Oswal.
On May 2 the Indian rupee ended higher by 20 paise at 69.36 per dollar versus Tuesday's close 69.56.
It has ended at the highest level against dollar since April 18.
On May 1, the currency market was shut on account of Maharashtra Day.
Rupee rose on Monday primarily on back of weakness in the dollar against its major crosses ahead of important FOMC policy statement that was scheduled for release yesterday. The Federal Reserve in its policy statement held rates unchanged and held out hope that weak inflation will edge higher, said Motilal Oswal.
The Fed Chairman hinted that that the central saw no compelling reason to consider a rate cut in response to weak inflation, thereby prompting a modest selloff in equity markets and pushed bond yields higher.
Market participants will be a little cautious ahead of nonfarm payrolls number that will be released tomorrow and an uptick in job creation number could support the greenback on lower levels. Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05-70.20, it added.
