Rupee continued to consolidate in a broad range of 68.50 and 69.00 since the last fourteen sessions despite volatility in global crude and strength in the dollar against its major crosses, said Motilal Oswal.
In the last few sessions crude oil has been under pressure as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers. There are also reports that US could tap its Strategic Petroleum Reserve, which would add supply to the market. Sharp sell-off in crude oil prices is expected to support the rupee in the intraday session.
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