RBI Monetary Policy LIVE Updates: RBI pause likely; case for neutral stance?

Indian rupee opened marginally lower at 82.59 per dollar against previous close of 82.54.

The Indian Rupee is expected to open lower today as the RBI's MPC decision on repo rate is awaited, Reuters reported. Besides this, there is also pressue from the Chinese Yuan-led fall in Asian currencies.
The report added that Rupee is expected to open near 82.60 against the US Dollar. It last closed at 82.5475 against the greenback.
"There is not much to read into the likely higher opening (for USD/INR). Let's hear from the RBI, though I think the outcome is more likely to move premiums than spot," a trader said.

-- MPC can "easily justify changing the stance to neutral" this week.
-- "The RBI's justification for not changing the 'withdrawal of accommodation' stance thus far was driven by the fact that real rates were not as positive as they were in the first half of 2019, when the stance was last characterised as neutral"
-- "The primary reason why most MPC members probably do not want to change the stance to neutral is because doing so may lead to markets bringing forward expectations of rate cuts and start pricing in bigger and deeper rate cuts, which the central bank probably wants to avoid at this stage"

-- Unlikely that RBI will reverse its course of rate hikes
-- Expect a softening of tone from the central bank