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Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets and rising US dollar

The RBI monetary policy announcement on Thursday is the key event this week, IFA Global Research Academy said in a note adding that the rupee is likely to trade in the 82.50-82.80 range with sideways price action.

This was the biggest single-day fall for the rupee in nearly six months. The Indian currency had witnessed the steepest intra-day fall of 68 paise on February 6, when it had settled at 82.76 against the greenback.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, the rupee is expected to be range bound after opening weaker as oil companies are buying dollars amid firm crude oil prices.

Forex traders said the rupee is expected to trade with a negative bias on the strong dollar and some selling by FIIs over the past couple of sessions. However, positive domestic markets cushioned the downside, they said.