Indian rupee opens at 67.68 per dollar

For the day, the USD-INR pair is expected to quote in the range of 67.40 and 68

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The Indian rupee opened lower by 17 paise at 67.68 per dollar on Tuesday versus previous close 67.51.

Rupee fell following strength in the dollar against its major crosses and continued rise in global crude oil prices. Volatility for the USD-INR pair remained high ahead of the important state election results that will be declared today. Apart from state election results most market participants were cautious ahead of inflation number for April that was released in yesterday’s evening session.

Inflation in April rose to 4.52% compared to rise of 4.28% in the previous month following rise in food and fuel prices. Post inflation numbers, focus will now shift to RBI policy meeting expected to release in the first week of next month.

The central bank is expected to hold rates unchanged but rising inflation could raise prospects that the RBI could raise rates in the latter half of this year. For the day, the USD-INR pair is expected to quote in the range of 67.40 and 68, said Motilal Oswal.

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