Rupee Edges Higher From 5-Month Low: 10 Things To Know

INSUBCONTINENT EXCLUSIVE:
The rupee took support from weakness in the dollar overseas but rising crude oil prices limited the gains
Clocking some recovery from a five-month low registered the previous session, the rupee appreciated by as much as 26 paise against the
US dollar on Tuesday
The rupee opened lower at 70.80 against the greenback, down seven paise compared to the previous close, and slid to as much as 70.83 before
reversing direction, and appreciating to as much as 70.47 during the session
Analysts say the recovery in the rupee was in line with emerging market currencies, which rose after signs emerged that Beijing is keen to
stem the yuan's slide soothed markets which were unnerved by the Donald Trump administration's labelling of China as a currency
manipulator
Here are 10 things to know:The mild recovery in the rupee comes a day ahead of the outcome of a bi-monthly policy review by
the Reserve Bank of India's Monetary Policy Committee, which began a three-day meeting on Monday.The rupee gave up most of the gains in
afternoon trade during the session
single-day fall since August 2013.Analysts say some pressure is likely to continue in the currency due to the escalating tensions on the
Maru of brokerage Anand Rathi.Weakness in the dollar provided some support to the rupee, however, rising crude oil prices kept the upside in
It was last seen trading down 0.08 per cent at 97.4420.Brent futures - the global benchmark for crude oil - climbed 58 cents, or 1 per cent,
to $60.39 a barrel on Tuesday after earlier dipping to their lowest since January 14 at $59.07 a barrel."Focus will now shift to the RBI
monetary policy
It is expected to cut repo rate by at least 25 bps but its guidance will be important," Mr Maru said.The Reserve Bank of India is widely
expected to lower the key interest rates on Wednesday
A poll by news agency Reuters last month showed the central bank was set to cut interest rates further.Gains in the domestic equity markets
- which rebounded after plunging more than 1 per cent the previous day - amid buying in financial, auto and metal stocks also supporter the
($798.21 million) from the equities so far this month
In July, they had net sold equities worth Rs
12,418.73 crore, provisional data from NSDL shows.Get Breaking news, live coverage, and Latest News from India and around the world on
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