USDINR trading range for the day is 70.59-71.49.
Rupee dropped but recovered some of its losses after Saudi Energy Minister said a consensus has not yet been reached regarding production cut in crude oil prices.
The U.S. dollar gained after the arrest in Canada of a top executive of Chinese tech giant Huawei prompted fears of a flare-up in U.S.-China trade tensions.
The Reserve Bank of India would be ready to take policy action if upside risks to inflation do not materialise, Governor Urjit Patel said.
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