USDINR pair is expected to quote in the range of 69.20 and 69.90, says, Motilal Oswal.
The Indian rupee is trading at its day's low as it declined 16 paise at 69.63 per dollar against Friday's close 69.47.
On May 7 the domestic currency declined 18 paise to end at 69.47 against the US currency on the back of rising crude oil prices and strengthening greenback in the overseas markets.
In the last few sessions rupee has been consolidating in a narrow range and despite the RBI deciding to cut rates and changing its stance reaction on the rupee was muted, said Motilal Oswal.
Ahead of the important inflation and industrial production number that will be released later this week rupee could consolidate in a range. Expectation is that inflation could inch higher and industrial production could show slower growth and that could keep the rupee under pressure.
Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.
