Indian rupee opens higher by 19 paise at 72.42 per dollar

USD-INR pair is expected to quote in the range of 72.40 and 73, says Motilal Oswal.

The Indian rupee opened higher by 19 paise at 72.42 per dollar on Thursday versus previous close 72.61 .

On Wednesday, the rupee ended with a gain of 8 paise against Tuesday' close 72.69 per dollar.

Rupee consolidated in the range of 72.60 and 73 for the third successive sessions but, today, is expected to open higher against the US dollar after the government announced to raise import tariff on some non-essential items. Government decided to raise import tariffs on 19 “non-essential items,” marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee, said Motilal Oswal.

The total value of imports of the 19 items in last fiscal year ended March was about USD 11.84 billion. Today, USD-INR pair is expected to quote in the range of 72.40 and 73, it added.

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