The Indian Rupee opened higher at 69.67 per dollar on Wednesday versus previous close 69.71.

Rupee consolidated in a narrow range ahead of the general election results that will be released tomorrow. Exit polls released during the weekend showed the NDA could win a big majority and that has been supportive for the rupee in the last couple of sessions .

Volatility for the currency could be confined to a narrow range in the first half of the session but could increase in the latter half. Dollar strengthened against its major crosses after United States temporarily eased trade restrictions on China’s Huawei to minimize disruption for its customers. The Commerce Department granted Huawei a license to buy US goods until August 19.

Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05, it added.

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