Rupee opens lower at 69.65 per dollar

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, says Motilal Oswal.

The Indian rupee slipped in the early trade on Tuesday. It has opened lower by 15 paise at 69.65 per dollar on Tuesday versus previous close 69.50.


On May 27 the rupee ended marginally lower at 69.50 per dollar after it erased all its morning gains on the back of a recovery in the greenback against other major currencies.

Rupee consolidated in a narrow range against the US dollar as most market participants remained cautious ahead of the important GDP number that will be released later this week, said Motilal Oswal.

The expectation is that growth number could come in at 6.4% compared to a growth of 6.6% in the previous quarter. On the other hand, the fiscal number will also be released and widening deficit could keep the rupee under pressure.

Consolidation for major crosses was also seen in yesterday’s session as US markets were shut on account of Memorial Day. Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.

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