Rupee extends losses; trade at day's low after RBI cuts repo rate

The Indian rupee slipped further and surpassed 69 mark as its trading at day' low at 69.10, down 68 paise from Wednesday close 68.42.

RBI Monetary Policy Committee has cut repo rate by 25 bps to 6 percent.

The committee has kept the stance unchanged at neutral.

The dollar-rupee April contract on the NSE was at 68.94 in the previous session. April contract open interest declined 4.95% in the previous session

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions.

However, benchmark indices are trading flat with the Sensex is up 13.28 points at 38,890.40, while Nifty is up 3.40 points at 11,647.40.