Indian Rupee Falls Against U.S. Dollar After RBI Decision
February 07 2018 - 1:29AM
RTTF2
The Indian rupee trimmed its early gains against the U.S. dollar
in evening deals on Wednesday, after India's central bank kept its
key interest rates unchanged, as expected.
At the sixth bi-monthly monetary policy session, the Monetary
Policy Committee of the Reserve Bank of India decided to maintain
the repo rate at 6.00 percent and the reverse repo rate at 5.75
percent.
The bank had lowered the rate by 25 basis points at its meeting
in August 2017.
Indian shares also fell, as global sentiment changed from
unbridled optimism to skepticism and the RBI warned of higher
government spending feeding into inflation after keeping interest
rates unchanged.
The benchmark BSE Sensex gave up earlier gains to end the
session down 113.23 points or 0.33 percent at 34,082.71. The
broader Nifty index dropped 21.55 points or 0.21 percent to
10,476.70.
The rupee dropped to 64.36 versus the greenback, off its early
2-day high of 64.11. If the rupee falls further, it may find
support around the 66.00 mark.
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