Rupee trades lower at 70.54 per dollar
The Indian rupee is trading lower by 13 paise at 70.54 per dollar versus Thursday’s close 70.41.
Rupee consolidated in a narrow range for the third successive session despite volatility in global crude oil prices and weakness in the dollar against its major crosses. In the last couple of weeks crude has rallied over 20% which led to marginal weakness in the rupee but broad weakness in the dollar has capped sharp depreciation of the rupee, said Motilal Oswal.
On the domestic front, market participants will now be keeping an eye on inflation number and lower-than-expected number could restrict any major fall in the currency. Today, USD-INR pair is expected to quote in the range of 70.30 and 71, it added.