Rupee opens marginally lower at 70.94 per dollar

Today, USD-INR pair is expected to quote in the range of 70.70 and 71.40, says Motilal Oswal.

The Indian rupee opened marginally lower  at 70.94 per dollar on Tuesday against Friday’s close 70.91.

On Friday, rupee strengthened against the US dollar but today is expected to open on a flat note following comments that the US President intends to end India’s preferential trade treatment under a program that allows USD 5.6 billion worth of Indian exports to enter the United States duty free, said Motilal Oswal.The US Trade Representative’s Office said removing India from the Generalized System of Preferences (GSP) program would not take effect for at least 60 days after notifications to Congress and the Indian government, and it will be enacted by a presidential proclamation. Today, USD-INR pair is expected to quote in the range of 70.70 and 71.40, it added.

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