Markets

Rupee opens flat at 71.53 against USD in early trade

The domestic unit was trading in a narrow range as investors are trading cautiously ahead of the RBI policy decision, say forex traders

The Indian rupee opened on a steady note at 71.53 against the U.S. dollar in early trade on Thursday ahead of the Reserve Bank of India’s monetary policy decision.

Forex traders said, the domestic unit was trading in a narrow range as investors are trading cautiously ahead of the RBI policy decision.

The RBI’s Monetary Policy Committee (MPC) is slated to announce its fifth bi-monthly policy decision for this fiscal later in the day.

At the interbank foreign exchange the rupee opened at 71.50, then lost ground and touched a low of 71.55.

The domestic unit was later trading at 71.53 against the dollar at 9.41 a.m.

On Wednesday, the rupee had settled for the day at 71.53 against the U.S. dollar.

Traders said muted opening in domestic equities and sustained foreign fund outflows also weighed on the domestic currency.

Meanwhile, domestic bourses opened on a cautious note on Thursday with benchmark indices Sensex trading 28.93 points higher at 40,879.22 and Nifty up 7.15 points at 12,050.35.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell marginally by 0.10% to 97.55.

Brent crude futures, the global oil benchmark, fell 0.16% to trade at $62.90 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out ₹781.06 crore on Wednesday, according to provisional exchange data.

The 10-year government bond yield was at 6.46% in early trade.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Feb 25, 2020 12:12:53 AM | https://www.thehindu.com/business/markets/rupee-opens-flat-at-7153-against-usd-in-early-trade/article30175069.ece

Next Story