ZCZC
BCN-21
INDIA-RUPEE-USD
Rupee opens marginally higher post RBI policy decision
Mumbai, Jun 7, 2019 (BSS/PTI) – The rupee opened marginally higher and touched 69.21 against the US dollar in opening trade Friday, after the Reserve Bank cut key interest rates by 0.25 percentage point.
To boost the sagging economy, the RBI Thursday lowered its benchmark
lending rate to a nearly nine-year low of 5.75 per cent and changed its
monetary policy stance to accommodative, leaving space for future rate cuts.
Forex traders said investors welcomed the RBI policy decision as this would
help to boost the slowing economy.
The rupee opened at 69.23 the interbank forex market then gained further
ground to touch 69.21 per dollar amid positive opening in domestic equities,
displaying gains of 7 paise against the greenback.
On Thursday, the rupee had settled at 69.28 against the US dollar.
Meanwhile, foreign fund inflows, higher crude oil prices and lower opening
in domestic equities weighed on the domestic currency and restricted the
upmove.
Foreign funds pulled out Rs 1,448.99 crore in the capital markets on a net
basis Thursday, provisional data showed.
The benchmark BSE Sensex opened on a cautious note and was trading lower by
43.75 points or down 0.11 per cent to quote at 39,485.97. while the NSE Nifty
was trading at 11,827.95, down 15.80 points, or 0.13 per cent.
Meanwhile, brent crude, the global benchmark, was trading at 62.53 per
barrel higher by 1.39 per cent.
BSS/PTI/HR/1120