Today, USD-INR pair is expected to quote in the range of 72.50 and 73.20
The Indian rupee slipped in the early trade on Tuesday. It opened lower by 26 paise at 72.89 per dollar versus previous close 72.63.
Yesterday, the rupee rose marginally against the US dollar but gains for the currency was short lived after global crude oil prices rallied to fresh highs. Brent crude oil rose to the highest level in four years after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by US President Donald Trump for action to raise global supply, said Motilal Oswal.
Concerns about production shortfalls are encouraging traders to remain long on the commodity. On the other hand, strength in the dollar against its major crosses also weighed on the rupee.
Today, USD-INR pair is expected to quote in the range of 72.50 and 73.20, it added.
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