Indian Rupee At 2-yr High Vs U.S. Dollar After RBI Rate Cut
August 02 2017 - 2:08AM
RTTF2
The Indian rupee spiked up against the U.S. dollar in afternoon
deals on Wednesday, after the Reserve Bank of India slashed key
interest rates by 25 basis points, given falling inflation, smooth
roll-out of the Goods and Services Tax and a normal monsoon.
At the third bi-monthly monetary policy meeting, policymakers
voted to lower the repo rate to 6.00 percent from 6.25 percent. The
bank had last reduced the rate by 25 basis points in October
2016.
The reverse repo rate was adjusted to 5.75 percent from 6.00
percent.
The Indian rupee firmed to near a 2-year high of 63.67 against
the greenback, up 0.5 percent from Tuesday's closing value of
64.01. The rupee is seen finding resistance around the 62.00
level.
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