Today, USD-INR pair is expected to quote in the range of 69.7 and 70.50, says Motilal Oswal.
The Indian rupee ended near day's low on May 13 as it slipped 61 paise at 70.52 per dollar versus previous close 69.91.
The domestic currency ended at lowest level against dollar since March 1, while it has posted biggest single session fall against dollar since April 4.
Rupee remained under pressure as uncertainty following trade tensions between US and China escalated. US President ordered to begin the process of imposing tariffs on all remaining imports from China, underscoring a lack of progress by US and Chinese negotiators. It said Beijing was open to talks but would not yield on important issues of principle. It is expected that leaders of both the economies could meet at the G20 summit scheduled in Japan in late June, said Motilal Oswal.
On the domestic front, India’s industrial production number was released; data showed the industrial output declined 0.1% thereby keeping the rupee under pressure.
Today, USD-INR pair is expected to quote in the range of 69.7 and 70.50, it added.
