Rupee trades higher 32 paise at 72.57 per dollar

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Today, USD-INR pair is expected to quote in the range of 72.70 and 73.30, says Motilal Oswal.

After a gap up opening the Indian rupee gained further to trade at 72.57 per dollar, up 32  paise versus previous close 72.89.

Yesterday the rupee fell 39 paise on the back of strong dollar and higher crude oil prices.

Rupee came under pressure but consolidated in a narrow range ahead of important inflation number that was released later after market close. India’s inflation for October at a slower pace compared to the previous month. Inflation rose at 3.31% in October compared to rise of 3.70% in the previous month. Inflation remains below the mid-point of the 4 (+/-2)% inflation target given to India’s Monetary Policy Committee, said Motilal Oswal.

Modest food inflation continues to be reason for lower than expected retail inflation. Core inflation, however, rose above 6% in October. Today, USD-INR pair is expected to quote in the range of 72.70 and 73.30, it added.