Indian Rupee Off More Than 3-week High Versus Dollar After RBI Decision
December 06 2016 - 11:44PM
RTTF2
The Indian rupee surrendered its early gains against the U.S.
dollar in afternoon deals on Wednesday, after the Reserve Bank of
India kept its key interest rate unchanged, defying expectations
for a modest reduction in the aftermath of the currency
demonetization shock.
The Monetary Policy Committee of Reserve Bank of India headed by
Urjit Patel unanimously decided to hold the key repo rate at 6.25
percent and reverse repo rate at 5.75 percent.
Economists had widely expected 25 basis point reduction in key
rates.
The rupee retreated to 67.97 against the greenback, from its
more than 3-week high of 67.52 hit recently. The next possible
downside target for the rupee is seen around the 69.00 mark.
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