The rupee opened the day marginally lower ahead of the RBI's Monetary Policy due later today. The rupee was last trading at 61.62 to the dollar, as against its previous close of 61.52.
The rupee is likely to take cues from the RBI Monetary Policy to be announced later today. It is widely expected that the RBI would cut repo rates by 25 basis points and reduce the marginal standing facility for banks by 25 basis points.
The rupee has been rangebound in the last few weeks as the RBI has taken a number of steps to reduce volatility.
This has led to a surge in inflows from foreign fund into the Indian markets, which has also help support the rupee. Check currency rates here
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