USDINR opened with 7 pips firm @ 71.38/39 levels verses 71.45/46 levels. domestic currency gained strength after the Reserve Bank of India Thursday cut benchmark lending rate by 0.25% to 6.25 per cent. Meanwhile easing crude prices and fresh foreign fund inflows also propped up the local unit.
TREND BULLISH TO NEUTRAL
INTRADAY RANGE - 71.18 (71.28 - 71.48) 71.62
On Thursday appreciated by 11 PIPS to close at 71.45 against the US dollar -1.90 % after the Reserve Bank of India cut the repo rate and changed its policy stance to 'neutral'. This is the third consecutive session of appreciation for the rupee, during which it has gained 35pips. Rupee and 10-year gilt prices gained Thursday after the Reserve Bank of India cut the repo rate and changed its policy stance to 'neutral' from 'calibrated tightening'.
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