The Indian rupee is trading close to a high-level day on April 30th. It's trading higher by 24 paise to 69.77 per dollar versus 70.01 Friday.
The rupee consolidated in a narrow band ahead of a significant US GDP figure, and a retracement from higher levels was recorded after global oil prices. In the recent past, oil prices have merged, but expectations of increased OPEC output have reduced major commodity profits, said Motilal Oswal.
On the home front, market participants will oversee the fiscal number to look at the rupee. But the main crosses will be inspired by the FOMC policy statement scheduled for tomorrow.
The expectation is that the central bank could maintain the status quo, but what will continue in the future for the Fed could trigger currency movements. Today, USD-INR pair is expected to quote between 69.70 and 70.30-70.50, he added.