Rupee gains 20 paise vs dollar in early trade

Today, USD-INR pair is expected to quote in the range of 70.10 and 70.50, says Motilal Oswal.

The Indian rupee gained in the early trade on Thursday. It opened higher by 20 paise at 70.08 per dollar versus previous close 70.28.

On Wednesday, the rupee gained for the second successive session despite volatility in the dollar against its major crosses and rally in global crude oil prices, said Motilal Oswal.

Appreciation in the rupee has been driven primarily by FII inflows that have led the rally for rupee. In the next couple of sessions volatility for currencies could remain high ahead of the important ECB policy statement that will be released today.

Apart from ECB policy statement, from the US, market participants will be keeping an eye on the non-farm payrolls number to gauge a view for the dollar. Today, USD-INR pair is expected to quote in the range of 70.10 and 70.50, it added.

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