USD-INR pair is expected to quote in the range of 72.60 and 73.25, says Motilal Oswal.
After a lower opening Indian rupee slipped further and trading around day's low point. It is trading lower by 32 paise at 72.80 per dollar versus previous close 72.48.
It has touched 72.84 during the day, while its all-time low is 72.96 per dollar.
Last week, rupee consolidated in a range of 72.50 and 73 (Spot) ahead of the important RBI policy statement that is expected to be released today. Expectation is that the central bank could consider raising rates by 25bps following the sharp depreciation in the rupee. Weakness in the rupee has been curtailed after the government decided to impose import tariff on selected nonessential products, said Motilal Oswal.Data released by the RBI showed India’s FX reserves for the week ended September 21 rose marginally by USD 1.3billion to USD 401.79 billion compared to USD 400.89 billion reported earlier last week. Today, USD-INR pair is expected to quote in the range of 72.60 and 73.25, it added.
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