Rupee edges higher as traders await RBI policy decision on rates
The rupee ended marginally stronger at 96.2925 a dollar against the previous close of 96.3150.
The currency opened 10 paise up at 96.2150 a dollar, supported by the overnight drop in Brent crude prices that lifted investor sentiment. It depreciated half a percent last week.
It traded in a narrow 10 paise bank throughout the day as traders are waiting for fresh direction from the Reserve Bank of India, which will announce the monetary policy Wednesday. RBI’s rate-setting committee is widely expected to tighten the policy rate by 25 basis points to 5.5% from 5.25%.
