Today, USD-INR pair is expected to quote in the range of 69.4 and 70.20, says Motilal Oswal.
The Indian rupee has recovered from day's low but trading lower by 19 paise at 69.90 per dollar versus previous close 69.71.
On May 8 the rupee registered a third consecutive day fall on the back of rising US-China trade worries and a selloff in domestic equity markets. The rupee ended 29 paise lower at 69.71 per dollar against the US dollar, which is a lowest level since April 24.
Rupee came under pressure in the latter half of the session as uncertainty related to trade talks between US and China rose. Yesterday, U.S. President Donald Trump said that China “broke the deal” it had reached in trade talks with the US. The U.S. Trade Representative’s office announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10%, said Motilal Oswal.
Expectations were recently riding high that a deal could be reached, but a deep rift over the language of the proposed agreement opened up last weekend.
Today, USD-INR pair is expected to quote in the range of 69.4 and 70.20, it added.
