Rupee opens flat at 69.33 per dollar

Today, USD-INR pair is expected to quote in the range of 69.80 and 70.20, says Motilal Oswal.

The Indian rupee opened flat at 69.33 per dollar on Friday versus 69.35 yesterday.

Rupee strengthens in yesterday’s session and rose to the highest level in seven months despite the RBI announcement to inject USD 5 billion into the system, said Motilal Oswal in its report.

RBI announced inject long-term liquidity worth USD 5 billion into the system through dollar-rupee swap arrangement with banks for three years. The main reason for the huge appreciation in Rupee is the strong fund inflows that are giving huge support to the prices.

Most market participants are positioning themselves for more inflows ahead of the general elections scheduled this year. Volatility for the rupee is expected to remain higher as the dollar too is starting to strengthen against its major crosses.

Today, USD-INR pair is expected to quote in the range of 69.80 and 70.20, it added.

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