Today, USD-INR pair is expected to quote in the range of 72.40 and 73.05
After a positive opening Indian rupee erased all its morning gains and trading marginally lower at 72.63 per dollar.
It opened higher by 10 paise at 72.49 per dollar versus previous close 72.59.
Yesterday it ended flat versus Wednesday's close of 72.61 per dollar.
In the past few sessions rupee has been consolidating in a narrow range 72.60 and 73 levels despite volatility in the dollar against its major crosses. Rupee did appreciate marginally after the announcement by the government to reduce import tariff on non-essential products but most of the gains eroded following rebound in the dollar, said Motilal Oswal.
On the domestic front, market participants will be cautious ahead of the important RBI policy statement that will be released next week. Following sharp weakness in the rupee, expectation is that the central bank could raise rates by 25bps. Today, USD-INR pair is expected to quote in the range of 72.40 and 73.05, it added.
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