Rupee opens lower at 69.40 per dollar
The Indian rupee opened lower at 69.40 per dollar on Wednesday against Tuesday’s close of 69.34.
On June 25 the domestic currency ended flat at 69.36 against the US dollar as geopolitical tensions in the Middle East dampened forex market sentiment.
Rupee consolidated in a narrow range despite volatility in major crosses on the global front and in the next couple of session’s market participants will be a little cautious ahead of the important G20 meeting that is scheduled this weekend, said Motilal Oswal.
The dollar rose against its major crosses after remaining under pressure in the last few sessions after the Fed Chairman pushed back on market expectations and presidential pressure for the central bank to deliver a significant U.S. interest rate cut of half a percentage point as soon as its next meeting. The Fed Chairman said that he and his colleagues are currently grappling with whether uncertainties around U.S. tariffs, US conflict with trading partners and tame inflation require a rate cut.
Today, USD-INR pair is expected to quote in the range of 69.40 and 69.90, it added.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.