Non-deliverable forwards indicate the rupee will open at around 82.60 to the U.S. dollar, compared with 82.5475 in the previous session.
The RBI is widely expected to keep the key policy rate at 6.50% in its decision at 10.00 a.m. IST. The focus will on comments around the trajectory of interest rates and inflation. A few economists have not ruled out the possibility of the RBI changing its policy stance to "neutral". The offshore Chinese yuan dropped below 7.1550 to the dollar, the lowest since November last year, on concerns over China's economic outlook. May trade data released on Wednesday revealed a slump in exports, which alongside weak activity data suggested that Chinese growth was faltering.
The BoC, which has been on hold since pausing rates in January, raised them by 25 basis points, prompting a selloff in bonds of major economies.
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Source: FXStreetNews - 🏆 14. / 72 Read more »