Today, USD-INR pair is expected to quote in the range of 70.40 and 71.20, says Motilal Oswal.
The Indian rupee erased all its morning gains and weakened to 71/$ for first time since December 2018.
Rupee came under pressure against the US dollar ahead of the important inflation number that was released later in the evening. Data showed inflation in December grew at a slower pace as compared to the previous month. Inflation grew at 2.19% compared to 2.33% in the previous month raising hopes of rate cut in the upcoming RBI meeting. WPI also decelerated to an eight month low of 3.8% from 4.64% the previous month, on the back of softening inflation for fuel as well as manufactured items, said Motilal Oswal.