Rupee opens 10 paise higher against US dollar

The rupee on Tuesday opened 10 paise higher at 71.70 against the US dollar ahead of three-day RBI's monetary policy meeting, that starts later in the day today. 

The domestic unit on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17. This was the second straight session of loss for the domestic unit, during which it lost a total 72 paise.

Rupee came under pressure on Monday ahead of the important RBI policy statement that will be released later this week. Expectation is that the central bank could consider cutting rates by