The Indian rupee opened lower by 14 paise at 69.67 per dollar on Thursday versus previous close 69.53.
Rupee after strengthening for the past few sessions is expected to weaken after RBI announced that it would enter into currency swap for a three-year tenor, to supply funds to banks for a longer duration.
The RBI plans to conduct the dollar-rupee buy-sell swap auction on March 26th, it said, adding that the dollar amount mobilized through this auction would also reflect in RBI’s foreign exchange reserves for the tenor. The step is to curb the volatility and major appreciation of the currency. Today, USD-INR pair is expected to quote in the range of 69.50 and 70.20.
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