Indian rupee opens higher at 68.42 per dollar

Today, USD-INR pair is expected to quote in the range of 68.30 and 68.80, says Motilal Oswal

The Indian rupee opened marginally higher at 68.42 per dollar on Wednesday versus 68.45 yesterday.

Yesterday, rupee broadly consolidated in a range but traded with a slight positive bias despite strength in the dollar against its major crosses. Crude oil came under pressure API after reported a surprise crude oil build of 629,000 barrels of United States crude oil inventories for the week ending July 14 compared to expectations that this week would see a draw in crude oil inventories of 3.62mbpd.

Crude has been one of the major factor that is supporting the rupee and sustained fall in the same could continue to keep losses capped for the rupee.

Today, USD-INR pair is expected to quote in the range of 68.30 and 68.80, it added.

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