Rupee opens lower at 70.59 per dollar

Today, USD-INR pair is expected to quote in the range of 70.40 and 71.05, says Motilal Oswal.

The Indian rupee opened lower by 10 paise at 70.59 per dollar on Wednesday versus previous close 70.49.

On Tuesday, rupee rose for the second successive session despite strength in the dollar against its major crosses and volatility in global crude oil prices, said Motilal Oswal.

On the domestic front, gains for the rupee were also on back of sustained FII inflow in equity segment. Yesterday, the FIIs poured in funds worth USD 648 million including both equity and debt segment thereby restricting any major fall for the currency, it added.

The currency could come under pressure after US President Donald Trump looked set to open a new front in his trade wars with a plan to end preferential trade treatment for India that allows duty-free entry for up to USD 5.6 billion worth of its exports to the US.

Today, USD-INR pair is expected to quote in the range of 70.40 and 71.05, it added further.

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