Rupee trades marginally lower at 83.35 against US dollar as most Asian currencies slide

The RBI meeting began on December 6 to review the country’s monetary policy

The rupee opened marginally lower against US dollar tracking losses in Asian currencies. At 9.10am, the home currency was trading at 83.35 a dollar, down 0.03 percent from its previous close of 83.33.

Traders are eagerly awaiting the outcome of the Reserve Bank of India’s (RBI) monetary policy review, with the Monetary Policy Committee (MPC) meeting having started on December 6. The MPC’s decision is scheduled to be announced on December 8. It is widely anticipated that the MPC will maintain the status quo on both key interest rates and its stance in the forthcoming policy announcement.

The benchmark policy repo rate is currently 6.50 percent with stance of “withdrawal of accommodation”. The MPC kept the policy rates on hold for the fourth consecutive time in its last monetary policy meeting.

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Asian currencies were trading weaker. South Korean won lost 0.82 percent, Thai Baht fell 0.35 percent, Indonesian rupiah 0.28 percent, Taiwan dollar 0.2 percent, Malaysian ringgit 0.17 percent, Philippines peso 0.07 percent. Among gainers, Japanese yen rose 0.29 percent and China Offshore spot advanced 0.09 percent.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 104.15, down 0.01 percent from its previous close of 104.15.

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