The Indian rupee is trading higher by 7 paise at 71.27 per dollar on Thursday versus previous close 71.34.
Rupee continued to consolidate in a narrow range and volatility for the USD-INR pair has been low despite instability in global crude oil prices and the dollar against its major crosses. Gains for the rupee remained restricted despite fall in global crude oil prices.
Oil prices remained steady but traded with a slight negative bias as concerns over global growth and a sharp rise in US stocks kept the market under pressure.
On the domestic front, no major economic number is expected to release and that could keep the volatility for the currency. Today, USD-INR pair is expected to quote in the range of 70.70 and 71.50, it added.
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