<p class="title">The Indian rupee extended losses for the fourth session on Tuesday, dropping 8 paise to 70.81 against the US dollar ahead of the RBI's monetary policy decision.</p>.<p class="bodytext">Unabated foreign fund outflows and higher crude oil prices have taken a toll on the domestic currency's health.</p>.<p class="bodytext">At the interbank foreign exchange (forex) market, the domestic currency opened at 70.80 a dollar and touched a high of 70.47 and low of 70.89 during the day.</p>.<p class="bodytext">The local unit finally closed at 70.81 against the American currency, down 8 paise over its previous close.</p>.<p class="bodytext">In the past four sessions, the Indian unit has lost 202 paise.</p>.<p class="bodytext">On Monday, the domestic currency had suffered the biggest single-day drop in past six years -- closing at a five-month low of 70.73 a dollar. Overall sentiment was hit by heavy capital outflows by investors anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.</p>.<p class="bodytext">Forex traders said the rupee is trading in a narrow range ahead of the outcome of Reserve bank of India's monetary policy review meet.</p>.<p class="bodytext">With inflation under control, experts are expecting another 25 basis points rate cut by the RBI for a fourth time in a row to boost economic activities.</p>.<p class="bodytext">The Monetary Policy Committee (MPC), headed by Governor Shaktikanta Das, is deliberating on the macro-economic situation and is scheduled to announce its third bi-monthly policy of the ongoing fiscal on Wednesday.</p>.<p class="bodytext">Meanwhile, the worrying trend over foreign investment outflows continued on Tuesday with overseas investors taking Rs 2,107.93 crore out of Indian equities.</p>.<p class="bodytext">Brent crude futures, the global oil benchmark, rose 0.12 per cent to USD 59.88 per barrel.</p>.<p class="bodytext">The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.01 per cent to 97.53.</p>.<p class="bodytext">The 10-year government bond yield was at 6.34 per cent on Tuesday.</p>.<p class="bodytext">On the domestic market front, after swinging over 705 points during the day, the 30-share index closed at 36,976.85, up by 277.01 points, or 0.75 per cent. It hit a high of 37,241.77 and a low of 36,536.59.</p>.<p class="bodytext">Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.3584 and for rupee/euro at 78.2686. The reference rate for rupee/British pound was fixed at 85.2556 and for rupee/100 Japanese yen at 66.42. PTI DRR MKJ</p>
<p class="title">The Indian rupee extended losses for the fourth session on Tuesday, dropping 8 paise to 70.81 against the US dollar ahead of the RBI's monetary policy decision.</p>.<p class="bodytext">Unabated foreign fund outflows and higher crude oil prices have taken a toll on the domestic currency's health.</p>.<p class="bodytext">At the interbank foreign exchange (forex) market, the domestic currency opened at 70.80 a dollar and touched a high of 70.47 and low of 70.89 during the day.</p>.<p class="bodytext">The local unit finally closed at 70.81 against the American currency, down 8 paise over its previous close.</p>.<p class="bodytext">In the past four sessions, the Indian unit has lost 202 paise.</p>.<p class="bodytext">On Monday, the domestic currency had suffered the biggest single-day drop in past six years -- closing at a five-month low of 70.73 a dollar. Overall sentiment was hit by heavy capital outflows by investors anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.</p>.<p class="bodytext">Forex traders said the rupee is trading in a narrow range ahead of the outcome of Reserve bank of India's monetary policy review meet.</p>.<p class="bodytext">With inflation under control, experts are expecting another 25 basis points rate cut by the RBI for a fourth time in a row to boost economic activities.</p>.<p class="bodytext">The Monetary Policy Committee (MPC), headed by Governor Shaktikanta Das, is deliberating on the macro-economic situation and is scheduled to announce its third bi-monthly policy of the ongoing fiscal on Wednesday.</p>.<p class="bodytext">Meanwhile, the worrying trend over foreign investment outflows continued on Tuesday with overseas investors taking Rs 2,107.93 crore out of Indian equities.</p>.<p class="bodytext">Brent crude futures, the global oil benchmark, rose 0.12 per cent to USD 59.88 per barrel.</p>.<p class="bodytext">The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.01 per cent to 97.53.</p>.<p class="bodytext">The 10-year government bond yield was at 6.34 per cent on Tuesday.</p>.<p class="bodytext">On the domestic market front, after swinging over 705 points during the day, the 30-share index closed at 36,976.85, up by 277.01 points, or 0.75 per cent. It hit a high of 37,241.77 and a low of 36,536.59.</p>.<p class="bodytext">Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.3584 and for rupee/euro at 78.2686. The reference rate for rupee/British pound was fixed at 85.2556 and for rupee/100 Japanese yen at 66.42. PTI DRR MKJ</p>