The Indian rupee is trading lower by 12 paise at 71.40 per dollar versus previous close 71.28 .
Rupee came under pressure in the first half of the session but erased all of its losses and closed at lower levels of the day. Major appreciation came in following rumors that the government may not consider farm loan waiver option. No confirmation as of now on the reports but even a possibility has turned the tide in favor of the rupee, said Motilal Oswal.Lower crude oil prices could also support the rupee in today’s session. Today, USD-INR pair is expected to quote in the range of 70.70 and 71.50, it added.