At 10:55 AM, IST the domestic unit appreciated 17 paise at 71.28/$. On Thursday rupee appreciated 11 paise at 71.45/$
The Indian rupee extended gain for the second straight trading session on Friday. The currency opened 8 paise higher at 71.37 against the dollar compared to the previous close of 71.45/$.
At 10:55 AM, IST the domestic unit appreciated 17 paise at 71.28/$. On Thursday, rupee appreciated 11 paise at 71.45/$.
The rupee appreciated after the Reserve Bank of India (RBI) in its final bi-monthly monetary policy review for FY19 cut the repo rate by 25bps to 6.25% and changed its policy stance to "neutral" from calibrated tightening earlier. Consequently, the reverse repo rate under the LAF stands adjusted to 6.0%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.5%.
Further, a sharp decline in crude oil prices in the global market also kept the rupee elevated. US West Texas Intermediate (WTI) crude futures fell 0.8% and International Brent crude oil futures fell 0.7% on Friday.
Oil prices fell on the back of demand concerns amid trade disputes between the US and China. Concerns about trade deal rose amid reports that President Donald Trump and his Chinese counterpart Xi Jinping meeting was "highly unlikely" before the March 01 deadline set by the US for reaching a trade deal.
At 10:55 AM, IST the domestic unit appreciated 17 paise at 71.28/$. On Thursday, rupee appreciated 11 paise at 71.45/$.
The rupee appreciated after the Reserve Bank of India (RBI) in its final bi-monthly monetary policy review for FY19 cut the repo rate by 25bps to 6.25% and changed its policy stance to "neutral" from calibrated tightening earlier. Consequently, the reverse repo rate under the LAF stands adjusted to 6.0%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.5%.
Further, a sharp decline in crude oil prices in the global market also kept the rupee elevated. US West Texas Intermediate (WTI) crude futures fell 0.8% and International Brent crude oil futures fell 0.7% on Friday.
Oil prices fell on the back of demand concerns amid trade disputes between the US and China. Concerns about trade deal rose amid reports that President Donald Trump and his Chinese counterpart Xi Jinping meeting was "highly unlikely" before the March 01 deadline set by the US for reaching a trade deal.
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