Today, USD-INR pair is expected to quote in the range of 71.20 and 71.70, says Motilal Oswal.
The Indian rupee is trading higher at 71.23 per dollar versus Monday's close 71.34.
Rupee on Monday came under pressure against the US dollar after trade deficit for January widened compared to the previous month. In January, merchandise exports rose 3.7% from a year earlier to USD 26.36 billion, while imports were up 0.01% to USD 41.09 billion. Gold imports in January rose 38% (YoY) to USD 2.31 billion, widening the trade deficit to USD 14.73 billion compared to USD 13.08 billion in the previous month, said Motilal Oswal.
On the domestic front, rally in global crude oil prices has also weighed on the overall market sentiment. Today, USD-INR pair is expected to quote in the range of 71.20 and 71.70, it added.
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