Today, USD-INR pair is expected to quote in the range of 68.80 and 69.50-69.80, says Motilal Oswal.
The Indian rupee erased morning gains and trading lower at 69.24 per dollar on Friday against previous close 69.16.
Yesterday the rupee plunged 76 paise to close at 69.17 after RBI in its polict meeting cut the repo rate by 25 bps and kept the monetary policy stance neutral.
Rupee was weighed down against the US dollar in the last hour of the sessions after the RBI in its policy statement cut rates by 25bps. The central bank held its stance to neutral in a widely expected move to boost the economy, said Motilal Oswal.
Four out of six MPC members voted for a 25bps cut, while two called for the rates to remain unchanged. While the central bank projected retail inflation at 3.8% by January-March 2020 – within its target of 4% – it also warned of the upside risks to price pressures if food and fuel prices rose abruptly, or if fiscal deficits overshot targets.Today, USD-INR pair is expected to quote in the range of 68.80 and 69.50-69.80, it added.
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