The rupee opened the day steady against the dollar at 61.41, a marginal drop of 5 paise over Friday's close. The rupee is likely to be rangebound through the day given the absence of any major triggers. The currency is now likely to await the outcome of the Monetary Policy Review slated for October 29 and is likely to take cues from the same.
Analysts largely expect the RBI to cut the repo rates, while reducing the marginal standing facility for banks.
Any further surprise is likely to ensure the rupee acts accordingly. Most of the major currencies have been steady against the dollar. Check currency rates here
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