The Indian rupee opened lower by 28 paise at 69.87 per dollar on Monday versus Friday's closing 69.59.
Rupee rose for the third successive session primarily as global crude oil prices came under pressure but had restricted as the dollar weakened against its major crosses. Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut this week. OPEC and its main partner Russia are due to meet in Vienna on Dec. 6 and 7 to agree production strategy, said Motilal Oswal.
On the domestic front, market participants will be keeping an eye on the RBI policy meeting, where the central bank is expected to hold rates unchanged.
On Friday, data showed India’s economy grew 7.1 percent in Q2 compared to growth of 8.2 percent in the previous quarter. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30, it added.
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Source: Moneycontrol
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