Rupee trades lower at 69.73 per dollar

The Indian rupee is trading lower at 69.73 per dollar versus previous close 69.69.

On May 28 the local currency ended 18 paise lower at 69.69 against the US dollar on the back of month-end dollar demand from importers and rise in crude oil prices.

Rupee came under pressure in yesterday’s opening session but appreciated in the latter half of the session. Broadly in the last couple of session rupee has been consolidating in a narrow range as most market participants are cautious ahead of important GDP and fiscal number that will be released later this week, said Motilal Oswal.

Better- than-expected number could keep the rupee supported on lower level. Today, USD-INR pair is expected to quote in the range of 69.60 and 70.20, it added.