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Rupee opens 15 paise up at 69.18 against dollar

On the domestic front, the focus will shift to RBI policy meeting which is scheduled next week.|
Mar 29, 2019, 09.30 AM IST
NEW DELHI: The rupee on Friday opened 15 paise higher at 69.18 against the US dollar due to some selling in American currency by banks and importers.

The local currency on Thursday consolidated for the whole session but in the last hour of the day it started to come under pressure following month-end dollar demand. In line with other Asian currencies, the local currency on Thursday weakened by over 40 paise against the greenback.

Weakness was also on the back of strength in the dollar against its major crosses ahead of important US GDP number that was released yesterday.

On the domestic front, the focus will now shift to RBI policy meeting which is scheduled next week. The expectation is that the central bank could consider cutting rates and could adopt a more dovish stance.

“Today, fiscal numbers will be released and a weaker-than-expected number could weigh on the rupee,” brokerage firm Motilal Oswal Financial Services said in a report.

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