Rupee opens lower at 69.39 per dollar

Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05-70.20, says Motilal Oswal.

The Indian rupee opened marginally lower at 69.39 per dollar versus yesterday's close 69.35.

Rupee in the first half of the session consolidated in a range but in the latter half rose against the US dollar as global crude oil prices continued to remain under pressure, said Motilal Oswal.

Crude was weighed down on surging US output and an expected supply increase by OPEC. US crude oil production reached a record 12.3 mbpd last week, rising by around 2 mbpd over the past year.

Rising US oil production has helped offset some of the disruptions from US sanctions against Iran and Venezuela. Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05-70.20, it added.

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