Rupee opens lower at 70.74/$ on slower Q3 GDP growth

Today, USDINR pair is expected to trade in the range of 70.70 and 71.40, Motilal Oswal said.

The Indian rupee has opened marginally lower at 70.74 against the US dollar on Friday, against Thursday’s close of 70.72 a dollar.

Yesterday the rupee consolidated in a narrow range for the whole day but rose in the last hour of the day after Pakistan Prime Minister announced that his country will release captured IAF Wing Commander.

“These were early signs of de-escalation between the two nations and this could further depreciation for the rupee,” Motilal Oswal said.

On the domestic front, data showed India grew at a slower pace in Q3 compared to the previous quarter. India’s economy in Q3 grew at 6.6 percent compared to downwardly revised growth of 7 percent in the previous quarter.

Today, USDINR pair is expected to trade in the range of 70.70 and 71.40, the research house said.

Dollar rose against its major crosses after data showed the US economy grew at 2.6 percent compared to estimates of 2.2 percent growth.Today, market participants will be keeping an eye on the ISM manufacturing PMI; expectation is that the index could drop to 55.6 compared to 56.6 in the previous month thereby keeping gains capped for the greenback.

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