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Rupee opens 11 paise lower at 69.33 per dollar

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Dion Global

08 Apr 2019

The Indian rupee opened lower by at 69.33 per dollar 11 paise on Monday versus 69.22 Friday.

Indian rupee remained under pressure for the third successive session after the RBI in its policy statement decided to cut rates by 25bps. The overall statement given by the RBI was dovish and seized its last opportunity to address growth concerns before inflationary pressures begin to reflect on the economy.

The RBI expects retail inflation to be 2.9-3 per cent in the first half of 2019-2020. It forecasts this to rise to 3.5-3.8 per cent in the latter half. On the domestic front, inflation and industrial production number will be released this week and that could trigger a move for the currency.