Today, USD-INR pair is expected to quote in the range of 70.70 and 71.40
The Indian rupee is trading lower by 10 paise at 71.15 per dollar versus previous close 71.05.
Rupee came under pressure in the first half of the session but most of the losses were eroded in the latter half of the session. The local currency rose despite an uptick in global crude oil prices after reports that US was to begin lifting tariffs imposed on Chinese imports. The trade war might not be over yet, but the sudden hike in the US stock markets is an indication of the trades that are being held back by some uncertainty over tariffs and deliberations, said Motilal Oswal.The greenback was further supported by better-than-expected Philly Fed manufacturing Index number that showed the index in January rose to 17 compared to 9.4 in the previous month. Today, USD-INR pair is expected to quote in the range of 70.70 and 71.40, it added.
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