Rupee opens higher at 70.01 per dollar

Today, USD-INR pair is expected to quote in the range of 69.80 and 70.50, says Motilal Oswal.

The Indian rupee gained in the early trade on Monday. It has opened higher by 14 paise at 70.01 per dollar versus previous close 70.15.

Rupee rose closed on a flat note against the US dollar ahead of the important non-farm payrolls number that was released on Friday. In the last few sessions rupee rose primarily on back of fund inflows, said Motilal Oswal.

FIIs in this year until now have poured in funds worth USD 1.2 billion in equity and debt segment thereby keeping the currency supported on lower levels.

This week, market participants will be keeping an eye on inflation and industrial production number; expectation is that both inflation and IIP could disappoint and could restrict major appreciation for the rupee.

Today, USD-INR pair is expected to quote in the range of 69.80 and 70.50, it added.

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