Rupee opens lower at 69.55 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 at 69.55 per dollar on Wednesday versus Tuesday's close 69.43.

Rupee consolidated in a narrow range but came under pressure in the latter half of the session following marginal strength in the dollar against its major crosses. Renewed tension between US and China is keeping the volatility high for the dollar, said Motilal Oswal.

Chinese Vice Premier Liu He will travel to US for two days of trade talks this week setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President.

During a 10-month US-China trade war, US tariffs have been imposed on USD 250 billion worth of Chinese goods, and retaliatory Chinese tariffs slapped on USD 110 billion worth of American products.

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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