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Rupee opens 15 paise down at 70.98 against dollar

On the domestic front, market participants will be keeping an eye on RBI policy meeting.|
Aug 07, 2019, 09.43 AM IST
The rupee on Wednesday opened 15 paise down at 70.98 against the US dollar ahead of RBI’s monetary policy decision.

Sustained outflow by overseas investors weighed on the domestic currency.

Meanwhile, economic think-tank NCAER projected that India’s GDP growth is likely to be 6.2 per cent during the current fiscal, down from 6.8 per cent in 2018-19.

The local unit fell for the third straight session on Tuesday following weakness in the Chinese Yuan. The rupee settled at 70.83 against the American currency in the previous trading session.

Chinese Yuan recently slipped to the lowest level in a decade as trade war fears escalated. Yesterday, some respite was seen as it appeared that China is taking steps to stabilise its currency. The central bank also said it was selling yuan-denominated bills in Hong Kong, a move seen as curtailing short selling of the currency.

On the domestic front, market participants will be keeping an eye on RBI policy meeting. There are hopes that the central bank could consider cutting rates by 25 basis points but what their stance will be for the coming meetings will be important to watch.

“Today, USDINR pair is expected to quote in the range of 70.70 and 71.50,” brokerage firm Motilal Oswal Financial Services said in a report.

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