Rupee likely to open lower, RBI policy meet eyed

Rupee likely to open low as dollar held hefty gains in Asia after yet another stellar offshore session, while investors are keeping a close eye on RBI policy meet due later today.

FP Archives|Dec 20, 2014, 17:12:59 IST

Mumbai: The rupee is likely to fall early on Thursday, weighed by the dollar's gains versus major currencies, pressure from importers and caution before the central bank's rate decision at 11 am.

The dollar held hefty gains in Asia after yet another stellar offshore session, as optimism about the US economic recovery sparked a spike in Treasury yields.

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The rupee should open around 50.05 to the dollar and move between 49.80 and 50.20, compared with Wednesday's close of 49.91/92, traders said.

The Reserve Bank of India is likely to leave its key repo rate unchanged at 8.50 percent, a Reuters poll showed.

At 0237 GMT, the MSCI index of Asian stocks ex-Japan and the Nifty India stock futures index in Singapore were both down 0.3 percent.

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