Rupee edges higher as traders await RBI policy decision on rates
The rupee ended marginally stronger at 96.2925 against the dollar, supported by lower Brent crude prices and improved sentiment. The currency traded in a narrow range as investors awaited the RBI’s monetary policy decision, with a 25-basis-point r...
By Atmadip Ray, ET Bureau |
Reuters
The rupee gained marginally against the dollar as lower crude prices supported sentiment, while traders awaited the RBI policy decision and expected rate hike.
The rupee ended marginally stronger at 96.2925 a dollar against the previous close of 96.3150.
The currency opened 10 paise up at 96.2150 a dollar, supported by the overnight drop in Brent crude prices that lifted investor sentiment. It depreciated half a percent last week.
It traded in a narrow 10 paise bank throughout the day as traders are waiting for fresh direction from the Reserve Bank of India, which will announce the monetary policy Wednesday. RBI's rate-setting committee is widely expected to tighten the policy rate by 25 basis points to 5.5% from 5.25%.
The currency opened 10 paise up at 96.2150 a dollar, supported by the overnight drop in Brent crude prices that lifted investor sentiment. It depreciated half a percent last week.
It traded in a narrow 10 paise bank throughout the day as traders are waiting for fresh direction from the Reserve Bank of India, which will announce the monetary policy Wednesday. RBI's rate-setting committee is widely expected to tighten the policy rate by 25 basis points to 5.5% from 5.25%.
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