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The rupee pared initial gains to settle nearly flat at 71.24 (provisional) against the US dollar on Wednesday as market participants await fresh cues from the RBI’s monetary policy.
The rupee opened stronger as hopes of a breakthrough in battling the coronavirus epidemic strengthened investor sentiments, forex traders said. The domestic unit eroded the initial gains as investors are anticipating no change in key interest rate in the RBI policy meet amid surge in inflation, they added.
The RBI is scheduled to announce the outcome of its sixth bi-monthly monetary policy statement for 2019-20 on Thursday.
At the interbank forex market, the local currency opened at 71.25. During the day, the local unit saw a high of 71.16 and a low of 71.29. The rupee finally settled at 71.24, up 1 paisa from its previous close.
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