In advance of the RBI policy announcement, the rupee declines 7 paise to 82.59 versus the US dollar
In early trading on Thursday, the rupee lost 7 paise to 82.59 versus the US dollar ahead of the Reserve Bank of India’s announcement of its monetary policy.
The domestic unit at the interbank foreign exchange started at 82.59, a decrease of 7 paise from its previous closing.
On Wednesday, the rupee’s exchange rate to the dollar was 82.52.
The local currency is trading in a constrained range, according to forex dealers, as investors opted to hold off until the RBI’s monetary policy decision was announced.
At 1000 hours, the RBI is expected to make its bimonthly monetary policy announcement. The repo rate will likely stay the same at 6.5%, as predicted.
The dollar index, which measures the strength of the dollar against a basket of six other currencies, decreased 0.9% to 104.
The benchmark for world oil, Brent crude futures, decreased 0.26 percent to USD 76.75 per barrel.
The 30-share BSE Sensex was trading 44.74 points, or 0.07 percent, higher at 63,187.70 on the domestic equities market. The NSE Nifty index as a whole increased by 15.70 points, or 0.08 percent, to 18,742.10.
According to exchange statistics, foreign institutional investors (FIIs) were net purchasers on Wednesday in the capital markets, buying shares worth Rs 1,382.57 crore.
