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Ahead of RBI policy move, rupee slips by 5 paise to 68.59 against US dollar

Policy meetings of the US Federal Reserve (today) and Bank of England (tomorrow), are also keeping investors cautious

Press Trust of India  |  Mumbai 

A one rupee coin is seen in this picture illustration taken in Mumbai | Photo: Reuters

The depreciated by 5 paise to 68.59 against the US in early trade on Wednesday ahead of the Reserve Bank's outcome, scheduled later in the day.

Dealers attributed the rupee's fall to fresh demand for the US currency, but a higher opening in domestic stocks limited the fall.

Major currencies were mostly weak against the overseas after reports that US President Donald Trump would propose tariffs of 25 per cent, instead of 10 per cent, in an announcement that may come as early as today.

Policy meetings of the US (today) and Bank of England (tomorrow), are also keeping investors cautious; although the US central bank is expected to keep rates unchanged.

Yesterday, the had gained 13 paise to close at a fresh two-week high of 68.54 against the on expectations that the US Fed is likely to keep rates unchanged.

Meanwhile, the benchmark rose 58.95 points, or 0.15 per cent, to hit an all-time high of 37,665.53. NSE Nifty too scaled a new peak high of 11,378.95 in early trade today.

First Published: Wed, August 01 2018. 10:07 IST