The rupee weakened by another 12 paise to end at 73.93 against the US dollar on Thursday as investors remained cautious ahead of the RBI policy meet outcome. Analysts said investor focus is on the Reserve Bank of India’s Monetary Policy Committee’s three-day interest rate-setting meeting that started on Wednesday, with the decision due on Friday.At the interbank forex market, the domestic unit witnessed a highly volatile trading session. It opened at 73.81 and saw an intra-day high of 73.68 and a low of 73.95. It finally closed at 73.93 a dollar, registering a decline of 12 paise.
This is the second straight session of decline for the rupee, during which it has lost 25 paise.”Indian rupee depreciated despite weakness in dollar and rise in risk appetite in the global markets as investors remained cautious ahead of the RBI monetary policy meeting outcome,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.