Already a member Login
USDINR closed at 63.81 against its open at 63.80.
Sensex provisionally closes 1.2 percent higher.
Traders cautious ahead of GDP data due today and RBI's rate decision on June 2.
Bad debts have plagued India's banking sector for the past three years, particularly state-run lenders, owing to slower growth and industry-wide weak due diligence.
RBI is likely to cut the repo rate by 25 basis points to 7.25 percent at its policy meeting on Tuesday, which would mark the third easing this year.
India's government and businesses are pushing for an interest rate cut next week even though data on Friday may show output is expanding faster than China's, in the latest sign of concerns that the figures are masking weaknesses in the economy.
Traders were now waiting for U.S. GDP data later in the day.
Greece and its European and International Monetary Fund lenders have been locked in slow-moving talks on a reform agreement for four months with no breakthrough in sight. Without a deal, Athens risks default or bankruptcy in weeks.
India is due to release January-March GDP numbers later in the day. Although growth is expected to be faster than China, there are nagging doubts over the government's new method of calculating GDP.
Traders said markets have broadly priced in a 25 basis point cut by the Reserve Bank of India at its policy review on Tuesday on the back of easing inflation and middling economic growth.
FED RULES OUT JUNE HIKE
Register for 4 days Free Trial
(State your Login preference)
Are You An
Mention Your Average Forex TurnOver
Less than 10 crores
More than 100 crores
Major Currencies you will have Transacting
Do you have Foreign Currency Loan Exposure
How Did you know about Us
If you got our reference from an Existing Member, please mention name
I agree to the terms & Conditions of the trial Provided
Trial is a One time facility.
The Information Provided must be True & Accurate.
Any misrepresentation of Information is liable for legal action.
EforexIndia holds the right to terminate any trial at any point of time without prior Notice.
2000-2014 © eforexindia.com Private Limited | Powered by: