January inflation may undershoot RBI's 6% target
RBI cut the benchmark interest rate by 25 bps to 7.25% for the third time this year to steer economic growth
He was speaking to reporters after announcing a 0.25% cut in RBI's policy rates
Govt had rolled back proposal for a separate public debt management agency in April
Hovers in a range of 63.75 and 63.66 during morning deals
Strong capital inflows as well as firm local equities bolstered the overall sentiment
But bankers want a CRR cut more than a repo rate cut
Analysts argue inflation data should give the RBI enough comfort to cut rates again
Hovered in a range of 63.80 and 63.59 during morning deals
Doing so increases the cost but a number of these add-on features make sense
On Friday, the rupee had ended at 63.83, against the previous close of 63.81 to a dollar
Rajan has twice cut the repo rate over two unscheduled monetary policy reviews in January and March, bringing it down to the current 7.5%
The number of contracts also jumped 56% during the period to 17.57 crore
Foreign exchange reserves had fallen by $2.6 bn last time
The currency hovered in the range of 63.69 and 63.8950 during the day
Weakening rupee, FIIs' cooling appetite for India have added to the cost of accessing funds overseas in recent months
Increased selling of the US currency by exporters and banks helped the rupee
The currency firmed up to 63.80
Forex dealers said, a higher opening in the domestic equity market propped up the rupee