Rupee opens 15 paise up at 70.05 vs dollar

The rupee on Wednesday nudged slightly higher by 15 paise to 70.05 against the dollar as banks and exporters rushed to sell the US currency.

The local unit on Tuesday plunged 53 paise to 70.20 against the greenback amid renewed concerns over the widening of current account deficit following a rise in global crude oil prices.

Lower estimates of growth further kept the currency weighed down against the dollar. Official data showed that the economy is expected to grow at 7.2 per cent compared to RBI’s estimate of 7.4 per cent.

“Broadly, the pair is expected to quote in the range of 69.70 and 70.30 ahead of the important inflation number that will be released later this week. A slower rise in inflation could support the rupee at lower levels. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.50,” said Motilal Oswal Financial Services.

Dollar felt the heat after services PMI for December grew at a slower pace compared to the previous month. But on Tuesday, the greenback rebounded after reports that the US and China are making progress on narrowing their differences on the trade issue.

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