Rupee edges up; RBI policy in focus
Reuters Market Eye - The rupee is trading at 54.78/79 versus its previous close of 54.84/86 as traders await the Reserve Bank of India's policy decision at 11.00 a.m. for direction.
Markets are broadly positioned for a status quo at the policy review but a surprise rate cut can boost shares and indirectly hurt the USD/INR.
Asian shares edge up tracking overnight gains in U.S. stocks, as fresh signs of compromise maintain a new optimism that the U.S. "fiscal cliff" budget tussle could be settled before tax hikes and spending cuts begin to bite early next year.
USD/INR is seen moving in a 54.70 to 54.90 band until the policy review.
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India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. Full Article