Indian Rupee Drops To 4-day Low Versus U.S. Dollar After RBI Decision
February 02 2016 - 1:13AM
RTTF2
The Indian rupee moved down against the U.S. dollar in evening
deals on Tuesday, after the Reserve Bank of India maintained status
quo on monetary policy, as Governor Raghuram Rajan awaits measures
to be announced by the government in the union budget.
The Reserve Bank of India left the repo rate at 6.75 percent and
the reverse repo rate unchanged at 5.75 percent, in line with
economists' expectations. The cash reserve ratio for banks were
also kept unchanged at 4 percent, as expected.
The bank continues to be accommodative even as it leaves the
policy rate unchanged in this review, while awaiting further data
on the development of inflation, the bank said.
The rupee declined to a 4-day low of 67.985 against the
greenback, down from yesterday's closing value of 67.88. The rupee
is seen finding support around the 68.5 zone.
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