Rupee erases morning gains; trades at 72.10 per dollar

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USD-INR pair is expected to quote in the range of 72.20 and 72.80, says Motilal Oswal

The Indian rupee erased some of its gains as it is trading at 72.10 per dollar after hitting 72 marks in the early trade.

It opened 50 paise higher at 72.16 per dollar against previous close 72.67. It has appreciated to 72 for the first time since September 21.

Yesterday the rupee ended 22 paise higher to close at 72.67 against US dollar on easing crude oil prices.

US West Texas Intermediate (WTI) crude oil futures were at USD 55.66 per barrel, while Brent crude oil was trading around USD 65 per barrel.

It fell more than 7 percent the previous day. They have lost over a quarter of their value since early October in what has become one of the biggest declines since prices collapsed in 2014, reported Reuters.

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The rupee has been consolidating in a narrow range for the eight successive sessions and failed to witness any volatility despite better than expected inflation number. India's inflation rise by 3.3% as compared to the rise of 3.7% in the previous month. On the other hand IIP rose 4.5% in September as compared to growth of 4.3% in the previous month, said Motilal Oswal.

In the past few sessions global crude oil prices have been under pressure following the surge in supply and the spectre of faltering demand keeping investors on edge. After rallying for four consecutive sessions the dollar fell against its major crosses supporting the rupee on lower levels. For the day we expect volatility could continue to remain low for the rupee following no major economic data releases on the domestic front or from the US. Today, USD-INR pair is expected to quote in the range of 72.20 and 72.80, it added.

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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