The RBI’s monetary policy committee is expected to reduce the repo rate by 25 bps, which would be the third rate cut in a row
Foreign fund inflows and a weaker dollar are supporting the currency
This is the first time December 18 that the rupee has traded below 85
After seeing a stronger opening at 73.87/USD, selloff on the back of steadily rising crude prices along with other factors weighed on the currency.
Sanghamitra Mukherjee of Financially Speaking talks about ways to manage the rupee weakness
The price of petrol was today cut by 58 paise per litre and that of diesel by 25 paise, reversing the trend of increasing rates, on global cues. Petrol will cost Rs 60.48 per litre from mid-night tonight in Delhi as against Rs 61.06 (rpt) 61.06 a litre currently.
Sharekhan has come out with its report on currencies. The rupee can appreciate to 53.00 levels as the much-awaited FDI reforms were finally approved by the Parliament. However, uncertainty in the European Union (EU) and the USA may see the rupee testing 55.30 levels.
Ashok Gautam of Axis Bank tells CNBC-TV18 that the rupee's move was triggered by rating action taken yesterday by Moody‘s.