Rupee opens higher at 71.70 per dollar

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Today, USD-INR pair is expected to quote in the range of 71.70 and 72.20, says Motilal Oswal.


Share Market tipsThe Indian rupee opened higher by 10 paise at 71.70 per dollar versus previous close 71.80.

Rupee came under pressure ahead of the important RBI policy statement that will be released later this week. The expectation is that the central bank could consider cutting rates by 25bps but a change in the stance could trigger volatility for the currency. This will be RBI governor’s first policy meeting and a dovish stance could put the currency under pressure, said Motilal Oswal.

In its December monetary policy review, the RBI had kept interest rates unchanged but held out a promise to cut them if the upside risks to the inflation do not materialize. Today, USD-INR pair is expected to quote in the range of 71.70 and 72.20, it added.

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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