India July 12(IM): The Indian rupee opened flat at 68.76 per dollar on Thursday against previous close 68.77.
Rupee consolidated in a narrow range of 68.50 and 69.00(Spot) despite strength in the dollar against its major crosses and volatility in global crude prices.
On the domestic front, volatility for the USDINR pair could be confined to a narrow range ahead of inflation and industrial production number that will be released today. Expectation is that inflation could inch higher and that could keep gains capped for the rupee, said Motilal Oswal.
Yesterday, crude oil prices witnessed a sharp sell-off after reports that Libya would reopen its ports raised expectations of growing supply and OPEC report showed Saudi hiked its oil output in June to the highest level since the end of 2016.
Today, USDINR pair is expected to quote in the range of 68.50 and 69.05, it added.