Indian rupee opens flat at 68.66 per dollar

Today, USD-INR pair is expected to quote in the range of 68.60 and 69.05-69.20…

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The Indian rupee opened flat at 68.66 per dollar on Wednesday versus 68.68 yesterday.

Rupee snapped its three-day losing streak and rose primarily on back weakness in the dollar against its major crosses. Volatility in rupee continued to remain high as most market participants are cautious following escalating trade tensions between the US and China. Yesterday, US trade representative office said that it published a final tariff list targeting 279 imported product lines, said Motilal Oswal.

US will begin collecting 25 percent tariffs on another USD 16 billion in Chinese goods on Aug. 23. The 25 percent tariffs also will apply to a broad range of Chinese electronics, plastics, chemicals and railway equipment. The dollar came under pressure after the announcement but better-than-expected economic numbers will continue to support the greenback.

Today, USD-INR pair is expected to quote in the range of 68.60 and 69.05-69.20, it added.

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