The Indian rupee opened flat at 70.18 per dollar on Monday against Friday's close 70.15.
Rupee in the last few sessions has been strengthening against the US dollar but as the holiday week starts volatility in case of the rupee could start to move lower. Last week, dollar broadly came under pressure after the Federal Reserve in its policy statement mentioned that rate hike in the coming year could be restricted to two compared to earlier estimates of three rate hikes next year, said Motilal Oswal.
On the other hand, some reports showed that the US President may be considering firing Fed Chairman as his frustration with the central bank chief intensified following this week’s interest-rate hike. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.50.
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Source: Moneycontrol
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