The Indian rupee opened higher by 11 paise at 69.72 per dollar on Thursday versus previous close 69.83.

The local currency fell for the second straight day on May 29 as it lost 14 paise to end the session at 69.83 against the US dollar.

Rupee was weighed down in yesterday’s session following broad strength in the dollar against its major crosses. Volatility for the currency could remain low ahead of important economic numbers that will be released tomorrow, said Motilal Oswal.

GDP and fiscal number that will be released on the domestic front could set the tone for RBI meeting that is scheduled next week. Expectation is that the central bank could cut rates and a dovish stance could keep the rupee weighed down. Broadly, trade war concern is keeping most market participants on the edge.

Today, USD-INR pair is expected to quote in the range of 69.60 and 70.20, it added.

Published On : 30-05-2019

Source : Money Control