Rupee opens 10 paise down at 75.03 against dollar

The rupee on Friday opened nearly 10 paise down at 75.03 against the US dollar due to some buying in American currency by banks and importers.

The local currency consolidated in a narrow range on Thursday after the RBI decided in its policy meeting to keep rates unchanged and also maintained an accommodative stance as long as necessary to revive growth.

The RBI governor in his statement said that a renewed surge in Covid-19 infections in major economies in July has subdued some early signs of revival that had appeared in May and June.

To ease debt strains on companies and lenders, the central bank said it would allow restructuring of corporate and personal loans by banks, a move that was widely awaited by the industry.

Reaction on the rupee remained muted and it continued to quote in a narrow range.

For the day, brokerage Motilal Oswal Financial Services expects USDINR (Spot) to quote in the range of 74.50 and 75.10.

The dollar index was up 0.33 per cent ahead of the important non-farm payrolls number that will be released today.

Earlier this week, private payrolls growth slowed sharply in July, pointing to a loss of momentum in the labour market.