ZCZC
BCN-29
INDIA-RUPEE-USD
Rupee gains 13 paise to 71.32 vs USD in early trade post RBI rate cut
Mumbai, Feb 8, 2019 (BSS/PTI) – The rupee Friday appreciated by 13 paise to
71.32 against the US dollar in early trade after the Reserve Bank of India
cut the repo rate and changed its policy stance to ‘neutral’.
Force traders said the surprise rate cut by the RBI, weakening of the US
dollar as against other currencies overseas and easing crude prices supported
the local unit.
At the Interbank Foreign Exchange, the rupee opened higher at 71.37 then
gained further ground to touch 71.32 against the US dollar, showing a gain of
13 paise over its previous closing.
The rupee Thursday appreciated by 11 paise to close at 71.45 against the US
dollar.
At the sixth bi-monthly monetary policy review Thursday the RBI surprisingly
reduced the repo rate by 25 basis points to 6.25 percent and also changed the
policy stance to ‘neutral’ from the earlier ‘calibrated tightening’.
Brent crude, the global benchmark, was trading at USD 62.33 per barrel, lower
by 0.57 per cent.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs
418.01 crore, and domestic institutional investors (DIIs) purchased shares
worth Rs 294.11 crore Thursday, provisional data showed.
Meanwhile, domestic equity market opened on a weaker note. The 30-share BSE
benchmark Sensex, was trading at 36,808.80, down 162.29 points in early
trade. The wide-based Nifty was also trading up by 45.50 points at 11,023.90.
BSS/PTI/HR/1410