The Indian rupee is trading higher by 27 paise at 73.33 per dollar on Friday after a flat opening versus Wednesday's close of 73.60.
Rupee rose against the US dollar for the second successive session and one of the major trigger that led to the appreciation has been fall in global crude oil prices and weakness in the dollar against its major crosses. Crude was weighed down after EIA reports that crude oil stockpiles had risen by 6.5 million barrels last week, to stand at 416.4 million barrels, reported Motilal Oswal.
Both the International Energy Agency and OPEC last week lowered their oil demand growth forecasts for this year and next, in part due to a gloomier macroeconomic outlook. Today, USD-INR pair is expected to quote in the range of 73.50 and 74.05, it added.
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