Rupee opens lower at 68.99 per dollar

USD-INR pair is expected to quote in the range of 69.05 and 69.50, says Motilal Oswal.

The Indian rupee opened lower by 13 paise at 68.99 per dollar on Wednesday versus 68.86 yesterday.

Rupee consolidated in narrow range ahead of the important fiscal number that will be released this week. . Market participants were also cautious ahead of the he outcome of RBI’s first-ever rupee-dollar swap auction, said Motilal Oswal.

The RBI infused Rs 34,561 crore into the banking system in exchange for dollars, in its first dollar-rupee swap auction. Through the auction, RBI bought dollars totalling USD 5.02 billion at a premium of Rs 7.76, which works out to an annualized rate of 3.76% from authorized dealers and paid them rupees in return.Today, USD-INR pair is expected to quote in the range of 69.05 and 69.50, it added.

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