Indian Rupee Falls To 5-day Low Against U.S. Dollar After RBI Decision
August 08 2016 - 11:50PM
RTTF2
The Indian rupee weakened against the U.S. dollar in the late
morning deals on Tuesday, after the Reserve Bank of India Governor
Raghuram Rajan kept the key interest rates unchanged at his final
meeting.
The RBI maintained its benchmark lending rate, the repo, at 6.50
percent. Consequently, the reverse repo rate was retained at 6.00
percent. The repo rate, which is now at the lowest since early
2011, was previously lowered by a quarter-basis point in April.
The cash reserve ratio was also kept unchanged at 4 percent as
expected.
Against the greenback, the rupee fell to a 5-day low of 66.9850
from an early high of 66.8300. At yesterday's close, the rupee was
trading at 66.8000 against the greenback.
If the rupee extends its downtrend, it is likely to find support
around the 67.70 area.
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