The Indian rupee opened on a cautious note at 71.22 against the US dollar in opening trade on Thursday, registering a rise of 3 paise over its previous close as investors exercised caution ahead of the RBI’s monetary policy outcome.
The Reserve Bank of India (RBI) is scheduled to announce the outcome of its sixth bi-monthly monetary policy statement for 2019-20 later in the day.
Forex traders said positive opening in domestic equities and foreign fund inflows supported the local unit, but rising crude oil prices and strengthening of the US dollar weighed on the domestic currency.
The rupee opened at 71.22 at the interbank forex market, then lost ground and fell to 71.28, down 3 paise over its last close.
The Indian currency had settled at 71.25 against the US dollar on Wednesday.
