Indian rupee opens higher at 67.07 per dollar

The Indian rupee opened higher at 67.07 per dollar on Tuesday versus previous close 67.11.

Rupee consolidated in a narrow range ahead of the important RBI policy meeting outcome that will be released tomorrow. The three-day policy meeting began yesterday; expectation is that the central bank could hold rates but at the same time could change its stance from ‘Neutral’ to ‘Hawkish’. Market participants will also be keeping an eye on inflation outlook especially after the recent rally in global crude oil prices, said Motilal Oswal.

Recent GDP number for showed India in Q4 grew at a pace of 7.7% compared to 7.2% in the previous quarter, thereby supporting the currency on lower levels.

Today, rupee is expected to quote in the range of 66.90 and 67.35, it added.