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Rupee holds steady, up 4 paise against dollar


New Delhi: The rupee was marginally up against the dollar early Friday on selling of the US currency by exporters amid easing oil prices. It was up 4 paise at 70.37. The local currency settled 5 paise up at 70.41 against the dollar on Thursday. The rupee consolidated in a narrow range for the third successive day on Thursday despite volatility in global oil prices and weakness in the dollar. In the last couple of weeks, crude has rallied over 20 per cent, which led to marginal weakness in the rupee despite a low-lying dollar. On the domestic front, market participants are keeping an eye on inflation print and any lower-than-expected number could restrict any major fall in the currency. “Today, USD-INR pair is expected to quote in the range of 70.30 and 71,” brokerage firm Motilal Oswal Financial Services said. The dollar continued to remain under pressure in the last few sessions, but rebounded yesterday after Fed Chairman stressed again that the US central bank can be patient in approving any further rate increases as officials gauge whether the US economy will slow this year. With no signs of excessive inflation or outsized risk in financial markets, Powell said the Fed would be “waiting and watching” in coming months.