Moneycontrol
Get App
Last Updated : Jun 06, 2019 01:30 PM IST | Source: Moneycontrol.com

Rupee recovers, trades higher at 69.22 per dollar

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, says Motilal Oswal.

Moneycontrol News @moneycontrolcom

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.

Also ReadIndian rupee outlook worsens on trade war, growth risks: Poll

Close

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.

India Union Budget 2019: What does Finance Minister Nirmala Sitharaman have up her sleeve? Click here for top and latest Budget news, views and analyses.
First Published on Jun 6, 2019 01:30 pm

tags #Rupee

Loading...
Sections
Follow us on
Available On
PCI DSS Compliant