The Indian rupee on Monday opened lower against the dollar, tracking losses in Asian currencies, ahead of the Reserve Bank of India (RBI) monetary policy review on Tuesday.
At 9.04am, the Indian currency was trading at 62.78 per dollar, down 0.16% from its previous close of 62.68. Majority of the Asian currencies were trading lower against dollar.
Dealers will closely watch for RBI intervention at current levels after the central bank was suspected to have sold dollars in late session on Friday.
Since the beginning of this year, the rupee has lost 1.55% against dollar and has recovered better than its peers, unlike Korean won and Thai baht which have fallen the most.
Most traders are expecting RBI to keep key rates unchanged on Tuesday but the tone of the policy will be crucial.
Recent comments from the central bank chief Raghuram Rajan and the monetary policy panel report suggest rates may remain elevated for some time to come.
Source:- livemint.com
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