Rupee opens tad lower at 71.72 per dollar ahead of RBI meet

USD-INR pair is expected to quote in the range of 71.40 and 72.20, says Motilal Oswal.

The Indian rupee slipped in the early trade on Thursday ahead of RBI meeting. It opened lower by 17 paise at 71.72 per dollar against previous close 71.55.

Rupee ahead of the important RBI policy statement is consolidating in range of 71.40 and 72.20 and most market participants are expected to remain cautious ahead of the new RBI governor’s statement. Expectation is that the RBI could consider cutting rates by 25bps and what will be important to watch is whether the central bank does change its stance. This will be the first policy meeting of the new RBI governor and expectation is that the governor may adapt to a more dovish stance as compared to the earlier one, said Motilal Oswal.

Today, USD-INR pair is expected to quote in the range of 71.40 and 72.20, it added.

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