Indian Rupee Slides To 2-day Low Against U.S. Dollar After RBI Decision
February 05 2020 - 09:08PM
RTTF2
The Indian rupee drifted lower against the U.S. dollar in
afternoon deals on Thursday, as India's central bank left its key
interest rate unchanged and reiterated that it will maintain its
"accommodative" stance as as long as required to revive growth.
At the sixth bi-monthly monetary policy meeting, the monetary
policy committee of the Reserve Bank of India decided to hold the
policy repo rate at 5.15 percent. The bank has also kept the
reverse repo rate unchanged at 4.90 percent.
The central bank has lowered its key rate five times by a
cumulative 135 basis points in 2019.
The MPC recognizes that there is policy space available for
future action, the bank said.
The rupee weakened to a 2-day low of 71.28 against the greenback
from Wednesday's closing value of 71.19. Next likely downside
target for the rupee is seen around the 73.00 level.
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