Today, USD-INR pair is expected to quote in the range of 69.60 and 70.05…
The Indian rupee gained in the opening trade on Monday. It has opened higher by 15 paise at 69.76 per dollar versus previous close 69.91.
On Friday, Rupee rose following weakness in the dollar against its major crosses and ahead of Fed chairman statement at the Jackson Hole Symposium. In the recent past, the rupee has been under pressure primarily on the back of global factors than domestic factors, said Motilal Oswal.
Broad dollar strength has been one of the major factors that led to weakness in major Asian currencies and rupee has been one of the weakest of the pack. Data released by RBI showed FX reserves for the week ended August 24 remained more or less unchanged compared to previous week at USD 400.84 billion.
Today, USD-INR pair is expected to quote in the range of 69.60 and 70.05, it added.
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