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Indian Rupee Declines For Third Day Ahead Of RBI MPC Decision

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The Indian rupee depreciated for the third day against the U.S. dollar on Wednesday, ahead of the announcement of the Reserve Bank of India’s monetary policy.

The local currency opened at 82.67, depreciating 6 paise against Tuesday’s close of 82.61. It lost as much as 81 paise on Tuesday.

During early trade, the rupee depreciated 0.19%, or 15 paise, to 82.76, the lowest since Nov. 3.

The central bank’s monetary policy committee is set to announce its rate decision today.

“Having broken past a key resistance level of 81.9 that had stood for a month, the prospects of a new high need to be considered [for the dollar-rupee]. This brings 84.8 into the picture, assuming that 83.26 will be cleared,” said Anand James, chief market strategist at Geojit Financial Services in a note to clients.

“Alternatively, we may see the present run of upsides for the dollar-rupee ending at 82.8, which calls for the downside marker to be placed at 82.32.”  



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