The Indian rupee opened lower by 22 paise at 70.32 per dollar on Wednesday versus previous close 70.10.
Rupee continued to trade in a narrow range despite volatility in the dollar against its major crosses and as global crude oil prices fell after gaining for the past few sessions. Market participants in the next few sessions as they would be following negotiation taking place between US and Canada in the NAFTA deal. Canadian Foreign Minister Chrystia Freeland said that Mexico’s “difficult” concessions to the United States would pave the way for productive talks this week, said Motilal Oswal.
From the US, preliminary GDP number will be important to watch; expectation is that the growth could be around 4% compared to 4.1% in the previous quarter. Better-than-expected number would support the greenback on lower levels.
Today, USD-INR pair is expected to quote in the range of 70.05 and 70.50, it added.