The Indian rupee opened flat at 61.99 per dollar on Tuesday as against previous day's closing value of 62.02 a barrel. US dollar nursed modest losses, having come under pressure as currencies such as the Canadian dollar staged a dramatic reversal thanks to a broad rebound in commodity prices. Ashutosh Raina of HDFC Bank said, "All eyes today are on the RBI Credit Policy and the jury is completely divided on the prospects of a rate cut. Lower oil prices, and recent lower CPI and WPI inflation numbers make a case for the rate cut, but the impending impact of a higher base effect moving ahead may force RBI to adopt a wait and watch policy." "The USD-INR pair is hovering around the 62/dollar mark, with markets keenly awaiting RBI Policy action," he added.
Tuesday 2 December 2014
Indian rupee opens flat at 61.99 per dollar
The Indian rupee opened flat at 61.99 per dollar on Tuesday as against previous day's closing value of 62.02 a barrel. US dollar nursed modest losses, having come under pressure as currencies such as the Canadian dollar staged a dramatic reversal thanks to a broad rebound in commodity prices. Ashutosh Raina of HDFC Bank said, "All eyes today are on the RBI Credit Policy and the jury is completely divided on the prospects of a rate cut. Lower oil prices, and recent lower CPI and WPI inflation numbers make a case for the rate cut, but the impending impact of a higher base effect moving ahead may force RBI to adopt a wait and watch policy." "The USD-INR pair is hovering around the 62/dollar mark, with markets keenly awaiting RBI Policy action," he added.
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