Today, USD-INR pair is expected to quote in the range of 69.05 and 69.60, says Motilal Oswal.
The Indian rupee erased all its morning gains and trading lower by 3 paise at 69.29 per dollar versus previous close 69.26.
On June 3, the domestic currency rose 44 paise to end at 69.26 against the US dollar amid hopes of rate cut by the Reserve Bank in the upcoming meeting and rally in domestic equities.
Rupee appreciated for the second successive session following weakness in the dollar against its major crosses and as global crude oil prices in the past few sessions have remained under pressure, said Motilal Oswal.
After a disappointing GDP number rupee reaction has been limited; data showed the India economy grew at 6.8% compared to estimates of 7%. On the domestic front, market participants will be keeping an eye on the RBI policy statement and expectation is that the central bank could consider cutting rates. Expectation is that policymakers would also look to find a way to boost banks’ liquidity to ensure they drop their lending rates too.
Today, USD-INR pair is expected to quote in the range of 69.05 and 69.60, it added.
