Rupee opens 16 paise lower against US dollar ahead of RBI policy

The rupee opened 16 paise lower at 71.72 against the US dollar on Thursday ahead of the Reserve Bank of India's (RBI) monetary policy meet decision, due later in the day. 

The domestic currency on Wednesday ended almost flat at 71.56.

Rupee ahead of the important RBI policy statement is consolidating in range of 71.40 and 72.20 and most market participants are expected to remain cautious ahead of the new RBI governor’s statement. The central bank is expected to change its stance to neutral from calibrated tightening, owing to benign inflation. "Today, USD/INR pair is expected to quote in the range of