Rupee opens at 66.20/$

The currency touched a high and low of 65.19/$ and 65.25/$ respectively.

Indian Rupee today opened at 66.20 against the dollar in early trade on Thursday. Indian rupee remained under pressure, as market participants remain cautious ahead of the RBI monetary policy review next week. Although the consensus calls for a cut in the repo rate by at least 25 basis points, markets focus will be more accentuated on the stance which Mr. Rajan endorses. The language of the central bank will determine the broader trend of the markets. We expect a rate cut accompanied with a cautious outlook, considering that the progress on the monsoon has been disappointing and the dust has not yet settled down on the probability of US Fed hiking interest rates.

On Wednesday, the Indian currency ended at 65.97, weaker by 10 paise. The currency touched a high and low of 65.19/$ and 65.25/$ respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.96 and for Euro stood at 73.37 onSeptember 23, 2015. While, the RBI’s reference rate for the Yen stood at 54.92, the reference rate for the Great Britain Pound (GBP) stood at 101.1908.