INR subdued ahead of RBI policy outcome

Indian Rupee was locked in a tight range today as modest gains in the US dollar index after falling to seven month lows curbed the local currency. However, a strong bounce in local equities also came in the picture and trimmed losses for the INR after a spirited rally from record lows against the US dollar in last session. INR had edged up under 84 per US dollar mark yesterday and currently quotes at 83.95 per US dollar, down 3 paise on the day. US Dollar index is up modestly at 103 mark. Reserve Bank of India is set to announce its monetary policy outcome tomorrow and that could make INR see a subdued activity today. On the NSE, USD/INR futures for August are quoting at 83.99, up 0.02% on the day. The counter has eased on a sustained basis after starting the session around 83.90 mark.

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