USDINR opened with 10 pips gain @ 71.70/71 against Monday closed at 71.80/81 levels. Rupee nervous ahead of RBI Policy outcome on 7th FEB as well as Oil price north side movement fueling sentiment against greenback. Trading was likely to remain subdued in Asia with many markets across the region closed for Lunar New Year holidays for much of the week.
INTRADAY RANGE - 71.38 ( 71.60 - 71.92 ) 72.14
On Monday USDINR dropped by 55 pips to close at 71.80, the lowest level since December 17, ahead of the Reserve Bank of India's policy review meet. This is the second straight session of loss for the domestic unit, during which it lost a total 72 pips. At the Interbank Foreign Exchange market, the rupee opened lower at 71.57 and fell further to touch the day's low of 71.82.
The dollar held on to recent gains against its peers on Tuesday, supported by a recovery in investor risk appetite, which helped push up US yields during the previous session. The index rose 0.7 per cent after dipping last week below its 200-day moving average for the first time since early January 2018.
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