Today, USD/INR pair is expected to quote in the range of 69.7 and 70.50, says Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services.
Reversing their three-month buying streak, foreign investors pulled out a net Rs 3,207 crore from the Indian capital markets
in the first seven trading sessions of May amid the US-China trade tensions and uncertainty over the election results.
On the global front, Asian shares were trading in the red on growing uncertainty over whether the United States and China will be able to reach a deal to end their escalating trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent, nearing its two-month low marked on Thursday, Reuters reported.
In commodity markets, oil prices were softer in line with the general mood of risk aversion. US crude was last down 0.1 per cent at $61.54 a barrel, while Brent crude futures stood flat at $70.65.