Mumbai: The Indian rupee was barely changed in opening deals on 28 April as traders said they were not taking big positions ahead of the central bank’s policy review on 29 April.
At 9:03 a.m., the partially convertible rupee was at 401.14 per dollar, a shade weaker than Friday’s close of 40.125/135. It had hit an intra-day trough of 40.25 on 25 April, the lowest since 25 March, according to Reuters data.
Inflows are a key driver for the local unit. Foreigners have sold $196 million of local shares in the past two sessions to 24 April. They bought a net $70 million worth of shares so far this month, but have sold close to $3 billion so far in 2008.
India’s central bank - RBI will review monetary policy on Tuesday and may raise its repo lending rate to rein in inflation from three-year highs. But a slim majority of economists polled by Reuters expect no interest rate increase.