10.02 AM: The Indian rupee erased all its morning gains as it is trading at day’s low level at 70.38 per dollar

The Indian rupee erased all its morning gains as it is trading at day’s low level at 70.38 per dollar, down 18 paise.

It opened higher by 15 paise at 70.05 per dollar versus previous close 70.20.

Rupee remained under pressure for the second successive session primarily on back of rise in global crude oil price. On the domestic front, lower estimates of growth kept the currency weighed down against the US dollar, said Motilal Oswal.

Official data showed the economy is expected to grow at 7.2% compared to RBI’s estimate of 7.4%. Broadly, the pair is expected to quote in the range of 69.70 and 70.30 ahead of the important inflation number that will be released later this week. Slower rise in inflation could support the rupee on lower levels. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.50, it added.

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