Indian rupee opens higher at 68.52 per dollar

Today, USD-INR pair is expected to quote in the range of 68.50 and 69.05, says Motilal Oswal.

The Indian rupee opened higher by 6 paise at 68.52 per dollar on Wednesday versus previous close 68.58.

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The USD-INR pair seems to be losing steam for further up move as the dollar lost some of its gains against its major crosses. Volatility in global crude oil prices continue to remain high as supply constraints from Libya and Canada kept prices supported on lower levels, said Motilal Oswal.

Yesterday, crude rose to the highest level since November, 2014 after API inventory showed drawdown of 4.5mbpd. On the domestic front, no major economic data is expected to be released and the rupee could determine its trend from the move in the dollar. Today, USD-INR pair is expected to quote in the range of 68.50 and 69.05, it added.

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