Indian Rupee Climbs To 2-day High Versus U.S. Dollar After RBI Decision
December 03 2020 - 8:13PM
RTTF2
The Indian rupee appreciated against the U.S. dollar in the
morning session on Friday, as India's central bank left its key
interest rates unchanged as widely expected due to higher
inflation.
The Monetary Policy Committee, led by Governor Shaktikanta Das,
voted unanimously to hold the policy repo rate at 4.00 percent. The
reverse repo rate was retained at 3.35 percent.
The Marginal Standing Facility or MSF rate, and the Bank rate
remained unchanged at 4.25 percent.
Das said the bank will continue with accommodative policy stance
as long as necessary, at least for the current financial year and
into the next year.
The bank projected real GDP to fall 7.5 percent in the financial
year 2021-21. Das said inflation is likely to remain elevated. This
constrains monetary policy at the current juncture.
The rupee firmed to a 2-day high of 73.62 against the greenback
from yesterday's closing value of 73.84. Next key resistance for
the rupee is seen around the 72.00 region.
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