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Indian rupee weaker against dollar ahead of RBI monetary policy statement

Sep 20 2013, 10:15 IST
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Hopes have risen that the Reserve Bank of India Governor Raghuram Rajan will scale back some of its cash tightening steps. Hopes have risen that the Reserve Bank of India Governor Raghuram Rajan will scale back some of its cash tightening steps.
SummaryThe RBI is widely expected to keep its key policy rate steady at 7.25 per cent.

The rupee today lost 38 paise to 62.15 against the US dollar in early trade on the Interbank Foreign Exchange due to fresh demand for the US currency from importers, ahead of the RBI's mid-quarter policy review amid a lower opening in the domestic equity market.

Related: Rupee at 1-month high to 61.77 on US Fed decision

The rupee had surged 161 paise, to close at a more than one-month high of Rs 61.77 against the dollar in yesterday's trade, supported by the US Federal Reserve's surprise decision on retaining its stimulus programme.

Related: RBI Monetary policy: Analysts have high hopes from Raghuram Rajan on easing liquidity

Dealers attributed the rupee's fall to a cautious approach adopted by participants ahead of the RBI's mid-quarter monetary policy review later in the day and a weak opening in the domestic equity market but dollar's weakness against other currencies overseas, restricted the fall.

Meanwhile, the BSE benchmark Sensex fell by 60.47 points, or 0.29 per cent, to at 20,586.17 in early trade today.

(Reuters) The Indian rupee was weaker in early trade on Friday ahead of the the Reserve Bank of India's rate decision due at 11 am. The rupee was at 62.08/12 versus Thursday's close of 61.77/78.

The central bank is widely expected to keep its key policy rate steady at 7.25 per cent. However, hopes have risen that the Reserve Bank of India Governor Raghuram Rajan will scale back some of its cash tightening steps.

Bond yields rose with the benchmark 10-year bond yield up 2 basis points at

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