The Indian rupee gained in the early trade on Tuesday. It opened higher by 17 paise at 69.84 per dollar on Monday versus 70.01 Friday.
Rupee consolidated in a narrow range ahead of the important US GDP number and after global crude oil prices witnessed some retracement from higher levels. In the recent past, crude oil prices rallied but expectation of increased supply output from OPEC capped major gains for the commodity, said Motilal Oswal.
On the domestic front, market participants will be keeping an eye on fiscal number to gauge a view for the rupee. But major crosses will be taking cues from the FOMC policy statement that is scheduled tomorrow.
Expectation is that the central bank could main a status quo but what the stance will be going ahead for the Fed could trigger a move for the currency. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30-70.50, it added.
Source: moneycontrol.com