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The Economic Times

Rupee opens 8 paise down at 71.09 against dollar

The rupee on Wednesday opened 8 paise down at 71.09 against the US dollar as outflows by foreign investors continued to impact forex market sentiment.

Rupee consolidated in a narrow range for the third successive session on Tuesday following a lack of triggers on the domestic front. The local currency settled 7 paise lower at 71.01 against dollar on Tuesday.

Market participants will be shifting focus to the RBI policy meet that is scheduled in the first week of October.

There are hopes that the Reserve Bank of India could consider cutting rates by 25 basis points but it will be important to see what would be the central bank stance going ahead and that could trigger move for the rupee.

“Today, USDINR pair is expected to quote in the range of 70.70 and 71.30,” brokerage firm Motilal Oswal Financial Services said.

Overseas investors pulled out Rs 828.49 crore from the capital market on September 24.
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