Mumbai:The rupee logged mild gains against the US dollar in early trade on Friday, a day after the Reserve Bank cut the repo rate by 25 basis points.
To boost the sagging economy, the RBI on Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to "accommodative" from "neutral".Forex traders said investors welcomed the RBI policy decision as this would help to boost the slowing economy.The rupee opened at 69.23 the interbank forex market and advanced to touch 69.21 against the greenback amid positive opening in domestic equities, displaying gains of 7 paise against the greenback.On Thursday, the rupee had settled at 69.28 against the US dollar.Meanwhile, foreign fund inflows, higher crude oil prices and lower opening in domestic equities weighed on the domestic currency and restricted the upmove.Foreign funds pulled out Rs 1,448.99 crore in the capital markets on a net basis on Thursday, provisional data showed.Meanwhile, Brent crude futures, the global benchmark for crude oil, were last seen trading 1.39 per cent higher at 62.53 per barrel.