Homemarket Newscurrency News

    Rupee opens lower at 71.67 a dollar ahead of RBI's policy decision

    Rupee opens lower at 71.67 a dollar ahead of RBI's policy decision

    Rupee opens lower at 71.67 a dollar ahead of RBI's policy decision
    Profile image

    By Aastha Agnihotri   IST (Published)

    Mini

    Indian rupee opened 11 paise lower against the greenback on Thursday, on the back of a stronger US dollar and on caution ahead of the Reserve Bank’s interest rate decision later today.

    Indian rupee opened 11 paise lower against the greenback on Thursday, on the back of a stronger US dollar and on caution ahead of the Reserve Bank’s interest rate decision later today.
    At 09:10 AM, the rupee was trading at 71.73 a dollar, down 17 paise from its Wednesday’s close of 71.56. The home currency opened at 71.67 and touched a high and a low of 71.67 and 71.76 a dollar, respectively.
    The Reserve Bank of India (RBI) will probably change its monetary policy stance to “neutral” from “calibrated tightening” on Thursday and keep interest rates on hold, which could further pressure rupee.
    A rate cut benefits the rupee by increasing confidence on the economic outlook and sparks hopes of more foreign inflows.
    The RBI’s monetary policy committee (MPC) meeting - the first for RBI Governor Shaktikanta Das - started on February 5, and the resolution of the MPC will be announced after 11:45am on February 7.
    The US dollar logged a fifth straight session of gains against a basket of major currencies. The dollar index, a gauge of its value versus six major peers was steady at 96.35, hovering close to its two-week high in early Asian trade.
    In commodity markets, US oil prices dipped after US crude inventories rose and as production levels in the country stayed at record levels.
    Meanwhile, foreign funds purchased shares worth Rs 694.97 crore on a net basis Wednesday, and domestic institutional investors bought equities worth Rs 525.26 crore, provisional data showed.
    In debt markets, the yields on the 10-year government bonds down 0.31 percent to 7.36 percent from its previous close of 7.38 percent. Bond yields and prices move in opposite directions.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng