The rupee on Tuesday opened 9 paise higher at 69.58 against the US dollar on account of some selling in American currency by banks and exporters amid sustained foreign fund inflows. 

The local currency on Monday slipped 44 paise to 69.67 against the greenback. The domestic unit depreciated for the fourth consecutive session as crude oil prices rose to hit their 5-month high levels. 

This week, on the domestic front, inflation and industrial production number will be released and weaker-than-expected economic number could extend losses for the currency. 

“Today, USDINR pair is expected to quote in the range of 69.40 and 70.20,” Motilal Oswal Financial Services said. 

Dollar fell against its major crosses ahead of the important FOMC meeting minutes that will be released tomorrow. Expectation is that officials at the central bank could adapt to a more dovish stance and that could continue to keep the greenback under pressure. 

Published on : 09-04-2019

Source : Economic Times