INR falters around 87.60 per US dollar, RBI stays in focus

The Indian rupee continues to weaken against the US dollar, adding to recent losses and hitting fresh record lows. Yesterday, rupee plunged around 49 paise to close at an all-time low against the US dollar, as global trade war concerns fuelled risk aversion among investors. Markets are looking for an interest rate cut by the RBI later this week, which will be the first RBI policy under the new Governor Sanjay Malhotra. Local equities also remain under stress and are not providing much of support to the INR. Rupee currently quotes at 87.56 per US dollar, down 12 paise on the day. The US dollar index is holding around 107.60, up 0.17% on the day after testing one week low in last session.

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