Rupee opens 7 paise higher against US dollar

Today, USD/INR pair is expected to quote in the range of 71.40 and 72.20.

The rupee opened 7 paise higher against the US dollar on Friday, a day after the Reserve Bank of India (RBI) went against the consensus to cut the repo rate by 25 basis points (bps). 

In the previous session, the domestic unit ended 11 paise higher. It consolidated in a narrow range ahead of the important RBI policy statement but rose in the later half after the new RBI Governor Shaktikanta Das surprised market participants with a rate cut. The rate and and change in its policy stance to 'neutral' is likely to boost a slowing economy after a sharp slide