The Indian rupee advanced on Friday for a second successive day, as local stocks extended their weekly rally and the euro rebounded following the coordinated central bank action to boost dollar liquidity.
At 11:40 am (IST), the partially convertible Indian currency was at 47.44 to the dollar after being as low as 47.54 and as high as 47.37/38. It opened at 47.52 versus the previous close of 47.5550.
But, all eyes are now on the RBI's interest rate decision at noon. The central bank is expected to hike its key policy rates by at least 25 basis points to rein in inflation.
