Rupee opens lower at 69.29 per dollar

Today, USD-INR pair is expected to quote in the range of 69.20 and 70.05-70.20, says Motilal Oswal.

The Indian rupee opened lower by 7 paise at 69.29 per dollar on Monday versus Friday's close 69.22.

On Friday, rupee rose against the US dollar ahead of the important non-farm payrolls number that was released later in the evening. Data showed the US economy added 263,000 jobs in April compared to expectation of 181,000 jobs, said Motilal Oswal.

On the other hand, gains for the greenback were capped after average hourly earnings showed slower growth as compared to the previous month. On the domestic front, this week, market participants will be keeping an eye on inflation number and an uptick in price growth could keep the rupee under pressure.

Today, USD-INR pair is expected to quote in the range of 69.20 and 70.05-70.20, it added.

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