Rupee opens 5 paise down at 70.99 against dollar

The rupee on Wednesday opened nearly 5 paise lower at 70.99 against the dollar on account some buying in American currency by banks and importers.

The local continued to consolidate in a narrow range on Tuesday following lack of cues on the domestic front and as most market participants remained cautious ahead of the important Brexit vote that was scheduled in the European Parliament.

The rupee was supported marginally on back of fund inflows by the FIIs in the last few sessions that have been over a billion dollar in the equity segment.

“Today, USDINR pair is expected to quote in the range of 70.70 and 71.30,” brokerage firm Motilal Oswal Financial Services said.

Pound came under pressure after parliament rejected Prime Minister Boris Johnson’s attempt to fast-track a Brexit law through parliament. Today’s economic calendar is muted and that could keep the dollar confined in a narrow range.