Indian Rupee Rises To 5-day High Versus U.S. Dollar After RBI Rate Decision
October 04 2016 - 1:58AM
RTTF2
The Indian rupee strengthened against the U.S. dollar in the
afternoon deals on Tuesday, after the Reserve Bank of India's newly
appointed Governor Urjit Patel cut the key interest rates
unexpectedly.
At the first monetary policy committee meeting of RBI,
policymakers unanimously decided to reduce the benchmark lending
rate, the repo, to 6.25 percent from 6.50 percent. Consequently,
the reverse repo rate was adjusted to 5.75 percent.
Against the greenback, the rupee rose to a 5-day high of 66.3750
from an early low of 66.6180. At yesterday's close, the rupee was
trading at 66.4080 against the greenback.
If the rupee extends its uptrend, it is likely to find
resistance around the 65.00 area.
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