Rupee slips 10 paise to 74.84/$ ahead of RBI policy

Mumbai: The rupee declined by 10 paise to close at 74.84 against the US dollar on Wednesday amid persistent foreign fund outflows and elevated crude oil prices. Investors are cautious ahead of the RBI monetary policy to be announced on Thursday, analysts said.

At the interbank foreign exchange, the rupee opened at 74.70 against the American dollar, and later witnessed an intra-day high of 74.68 and a low of 74.87 against the greenback.

The local unit finally ended the day at 74.84, down 10 paise from the previous close of 74.74. "Rupee remained fairly subdued ahead of the Reserve Bank of India (RBI) monetary policy, but slow depreciation has been seen in the last two days on back of foreign fund outflows from domestic equities and bonds.

Spot USDINR is likely to consolidate in the range of 74.60 to 75.10 in the next couple of days," said Dilip Parmar, research analyst, HDFC Securities.