Market News
Dollar retreat to boost rupee before RBI rate decision - REUTERS
By Nimesh Vora
MUMBAI, Dec 6 (Reuters) - The Indian rupee is likely to open higher on Friday on the back of a decline in the dollar index, after which its direction will be dictated by the central bank's monetary policy review.
The 1-month non-deliverable forward indicated that the rupee will open at 84.68-84.70 to the U.S. dollar, compared with 84.7325 in the previous session.
The rupee's downtrend has halted over the last two sessions after the currency dropped to an all-time low of 84.7575 on Tuesday. The pause in foreign equity outflows leading up to the policy decision has helped the local currency to some degree.
