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Rupee Opens Weaker At 70.32; Can See Further Depreciation


The Indian currency after gaining some momentum in Tuesday's trade ended with gains at 70.10 for a dollar but opened lower at 70.32, registering weakness by 22 paise.

Rupee Opens Weaker At 70.32; Can See Further Depreciation

The rupee as per experts is expected to trade range bound amid volatility in the dollar currency as the US Fed Reserve awaits US GDP data which is due to be released today. Also, the crude oil prices have fallen after being surging for quite some time.

It is anticipated that the US GDP growth will be concentrated at levels around 4% compared to the earlier figure of 4.1% in the earlier quarter. The better than anticipated growth figure will provide boost to the dollar currency whoch has remained volatile and has fallen to 1-week low levels.

As per a brokerage firm Motilal Oswal, the USD-INR pair in today's trade is expected to quote in the range of 70.05 and 70.50.

Meanwhile, Indian equity markets also shed its early morning gains today on the back of sustained selling.

Read more about: rupee dollar
Story first published: Wednesday, August 29, 2018, 10:06 [IST]
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