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Rupee ends flat at 71.56 per dollar ahead of RBI policy decision

NEW DELHI: The rupee Wednesday ended almost flat at 71.56 in step with US buck as individuals most popular to watch for the Reserve Bank's rate of interest determination for further cues. The home foreign money has been buying and selling in a slender range forward of RBI's monetary policy assembly consequence, scheduled for February 7.

At the Interbank Foreign Exchange marketplace, the rupee moved between 71.68 to 71.49 all the way through the consultation, sooner than in spite of everything ending at 71.56, appearing a gain of just 1 paise.

On Tuesday, the rupee had settled 23 paise upper at 71.57 against the buck.

"This week, there are relatively thin volume trades in currency markets, as many Asian markets are shut on Lunar New Year," HDFC securities head, PCG and capital markets technique, V K Sharma stated.

He added that volatility for the USD-INR pair could be confined to a slender range until the discharge of the policy commentary.

According to Sunil Sharma, chief investment officer, Sanctum Wealth Management, even though Indian rupee is the worst acting rising marketplace foreign money during the last one month, it is expected to get better "should crude prices continue to slide and RBI announces a rate cut in Thursday's meeting".

Meanwhile, the buck index, which gauges the buck's strength against a basket of six currencies, used to be buying and selling at 96.21, upper by zero.16 in step with cent.

Foreign finances bought shares price Rs 694.97 crore on a internet basis Wednesday, and home institutional buyers purchased equities price Rs 525.26 crore, provisional information confirmed.

The benchmark Brent crude futures fell zero.76 in step with cent to USD 61.51 in step with barrel.

Meanwhile, home equity indices darted up for the fifth instantly consultation Wednesday on across-the-board buying amid expectancies of a shift in RBI's policy stance.

The BSE Sensex vaulted 358.42 issues, or zero.98 in step with cent, to close at 36,975.23, while the wider NSE Nifty won 128.10 issues, or 1.17 in step with cent, to 11,062.45.

The Financial Benchmark India Private Ltd (FBIL) set the reference price for the rupee/buck at 71.5731 and for rupee/euro at 81.5461. The reference price for rupee/British pound used to be fixed at 92.6886 and for rupee/100 Japanese yen at 65.21.

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