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Rupee Pares Early Gains; Trades Lower At 69.24
The Indian rupee in Friday's trade opened higher at 69.19 per US dollar against its previous close of 69.27.
In yesterday's session after the RBI announced repo rate cut of 25 basis points to a nine-year low of 5.75% and changed its monetary policy stance from 'neutral' to 'accommodative', the currency ended the day almost flat.
For the current fiscal year, the central bank lowered its growth forecast from 7.2% to 7.0%. Also, it has revised its inflation forecast lower to 3-3.1% for the H1FY20 and 3.4-3.7% for the H2FY20.
As per Motilal Oswal, rupee is expected to trade in the range of 69.20 and 69.90 today.
Meanwhile, Indian equities are also trading lower, with Sensex losing 155.78 points or 0.39% to trade at 39373.94, while Nifty trades lower by 35.65 or 0.3% at 11,808.10.
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