Rupee Sheds 5 Paise Against USD Ahead of RBI's Monetary Policy Outcome
The rupee depreciated by 5 paise to 68.59 against the US dollar in early trade today ahead of the Reserve Bank's monetary policy outcome, scheduled later in the day.
Mumbai, Aug 1 (PTI) The rupee depreciated by 5 paise to 68.59 against the US dollar in early trade today ahead of the Reserve Bank's monetary policy outcome, scheduled later in the day.
Dealers attributed the rupee's fall to fresh demand for the US currency, but a higher opening in domestic stocks limited the fall.
Major currencies were mostly weak against the dollar overseas after reports that US President Donald Trump would propose tariffs of 25 per cent, instead of 10 per cent, in an announcement that may come as early as today.
Policy meetings of the US Federal Reserve (today) and Bank of England (tomorrow), are also keeping investors cautious; although the US central bank is expected to keep rates unchanged.
Yesterday, the rupee had gained 13 paise to close at a fresh two-week high of 68.54 against the dollar on expectations that the US Fed is likely to keep rates unchanged.
Meanwhile, the benchmark BSE Sensex rose 58.95 points, or 0.15 per cent, to hit an all-time high of 37,665.53. NSE Nifty too scaled a new peak high of 11,378.95 in early trade today.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)