In Tuesday's trade, the rupee opened a tad higher at 69.83 versus the previous day's close of 69.90. Rupee has been seen losing ground as the dollar gained strength due to good US retail sales number. Also, there was seen huge sell-off in the equity markets as trade war situation continued to worry investors.
Further, rupee's direction likely this week will be governed by the major FOMC announcement. The marketmen have been resisting any rate cut amid better than expected US retail sales number. Nonetheless, any outcome other than what has been factored in will affect the economies world over and dollar, which thus will cast its impact over the rupee.
USDINR pair is expected to quote in the range of 69.40 and 70.05-70.20.
Meanwhile, stock markets after a huge sell-off in markets yesterday opened on a positive note with gains of 80 points on the Sensex.