Rupee recovers, trades higher at 69.22 per dollar

The Indian rupee has recovered from day's low and trading higher at 69.22 per dollar against Tuesday's close of 69.26.

On June 4 the local currency ended unchanged at 69.26 versus the US currency ahead of the RBI monetary policy outcome on Thursday.

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After appreciating against the US dollar for two successive sessions the rupee is expected to open on a flat note ahead of the important RBI policy statement that will be released today, said Motilal Oswal.

Expectation is that the central bank could cut rates by 25 bps and should also find ways to boost banks’ liquidity. The RBI had retained its “neutral” stance after the rate cut in April but expectation is that the central bank could change its stance to “accommodative”, which could be more comforting for markets than just a rate cut, especially after the recent GDP numbers. Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.