Rupee drops marginally ahead of monetary policy

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, September 20, 2013, 9:11 [IST]

The rupee opened the day marginally lower, below the 62 levels at 62.10, a drop of 33 paise over Thursday's close.

Markets are expected to take cues from RBI Governor Raghuram Rajan's first monetary policy due later at 11.00 am. In fact, the rupee is likely to take cues from the same given the significance of the event.

The rupee has staged a smart recovery ever since it dropped to a historical low of 68.81, recovering almost 10 per cent from those levels.

Foreign fund outflows from stocks has also stopped and in fact there have been robust inflows from FIIs, which has helped support the rupee.

Dealers say that the rupee might continue to remain stable around the current levels. Check currency rates here

GoodReturns.in