The Indian rupee opened higher by 14 paise at 69.56 per dollar on Wednesday versus Tuesday's close 69.70.

On June 18 the local currency rose 21 paise to end at 69.70 against the US currency on the lower crude oil prices and a weak dollar helped the Indian currency to snap the 3 days losing streak.

Rupee rose in the intraday session but broadly consolidated in a range as most market participants remained cautious ahead of the important FOMC policy statement that will be released later today. Expectation is that the Fed could take pause on rates but will provide cues for its stance for coming meetings. Fed governor commentary is expected to remain dovish and that could keep the greenback under pressure, said Motilal Oswal.

Today, USDINR pair is expected to open at 69.70(June) and quote in the range of 69.40 and 70.05-70.20, it added.

Published On : 19-06-2019

Source : Money Control