Indian Rupee Hits 8-day High Against U.S. Dollar After RBI Decision
October 04 2017 - 1:51AM
RTTF2
The Indian rupee firmed against the U.S. dollar in evening deals
on Wednesday, after India's central bank left its key interest
rates unchanged, but cut the statutory liquidity ratio to inject
more liquidity into the financial system.
At the fourth bi-monthly monetary policy statement, the monetary
policy committee of Reserve Bank of India, on Wednesday, decided to
maintain the repo rate at 6.00 percent and the reverse repo rate at
5.75 percent.
The bank lowered the statutory liquidity ratio by 50 basis
points to 19.50 percent.
The rupee climbed to an 8-day high of 65.31 against the
greenback, compared to Tuesday's closing value of 65.62. If the
rupee rises further, 63.00 is possibly seen as its next resistance
level.
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