Sources said USD - INR pair is expected to quote between the range of 69.20 to 69.90.
The Indian rupee opened higher at 69.19 per dollar on Friday against previous close 69.27.
Yesterday, the Indian currency closed marginally lower against US dollar at 69.29 after the Reserve Bank of India deduct the interest rates by 0.25 basis pts to a 9 year low of 5.75 per cent and also changed its monetary policy stance to accommodative.
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Rupee consolidated narrow due to the important RBI policy statement that was released. here with expectation, the RBI cuts repo rates by 25bps and changed its stance to accommodative. According to MPC - sharp slowdown in investment activity with continuing changes in private consumption growth is a matter of concern, sources said
The central bank lowered its growth forecast to 7 per cent from 7.2 per cent for the Financial year 2020. It also lowered its inflation forecast to 3-3.1 per cent for the first half of 2019-20 and to 3.4-3.7 per cent for the 2nd half of 2019 and 2020. Overall the commentary was dovish but the reaction on the rupee was quite muted.
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