Rupee opens lower at 69.33 per dollar

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.80, says Motilal Oswal.

The Indian rupee opened lower by 11 paise at 69.33 per dollar on Monday versus 69.22 Friday.

Rupee remained under pressure for the third successive session after the RBI in its policy statement decided to cut rates by 25bps. The overall statement by the RBI was dovish and seized its last opportunity to address growth concerns before inflationary pressures begin to reflect on the economy, said Motilal Oswal.

The RBI expects retail inflation to be 2.9-3% in the first half of this financial year. It forecasts this to rise to 3.5-3.8% in the latter half. This week, on the domestic front, inflation and industrial production number will be released and that could trigger a move for the currency.Today, USD-INR pair is expected to quote in the range of 69.20 and 69.80, it added.

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