11.24 AM: Rupee recovers, but trades lower at 69.86 per dollar

Indian rupee has recovered from the day’s low but trading lower by 16 paise at 69.86 per dollar versus previous close 69.70.

Yesterday the rupee ended at the highest level against the US dollar since November 30 as crude oil price plunged to the lowest level over a year. It gained 70 paise against Wednesday’s close of 70.40 per dollar.

Rupee gained sharply against the US dollar following broader weakness in the dollar and plunge in global crude oil prices. Gains in the rupee were triggered 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.

Fed Chairman Jerome Powell said the central bank would continue trimming its balance sheet by USD 50 billion each month, and left open the possibility that continued strong data could force it to raise rates to the point where they start to brake the economy’s momentum.

Today, USD-INR pair is expected to quote in the range of 69.70 and 70.50. Pound failed to break the crucial resistance of 1.2740 ahead of important Bank of England policy statement, wherein the central bank, it added.

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