Indian Rupee Advances Against U.S. Dollar As RBI Raises Key Rates Further
August 01 2018 - 02:04AM
RTTF2
The Indian rupee strengthened against the U.S. dollar in
afternoon deals on Wednesday, after the Reserve Bank of India hiked
its key rate amid higher oil prices and inflationary concerns.
The Monetary Policy Committee of the Reserve Bank of India
decided to lift the repo rate by a quarter-point to 6.50 percent
from 6.25 percent. The bank had raised the rate at the June meeting
by 25 basis points.
The reverse repo rate was adjusted to 6.25 percent from 6.00
percent. The decision was widely expected.
The bank said the decision is consistent with the neutral stance
of monetary policy.
The rupee climbed to 68.36 against the greenback, from a low of
68.52 seen in the morning session. Next key resistance for the
rupee is seen around the 66.00 region. At yesterday's close, the
pair was worth 68.44.
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