Indian Rupee Rises To Near 2-week High Versus U.S. Dollar After RBI Rate Hike
04 May 2022 - 4:10PM
RTTF2
The Indian rupee climbed against the U.S. dollar in evening
deals on Wednesday, after the Reserve Bank of India raised the
benchmark lending rate unexpectedly and said that it would maintain
an accommodative stance while focusing on withdrawal of
accommodation to support growth.
In an unscheduled meeting, the Monetary Policy Committee of the
RBI unanimously voted to increase the repo rate by 40 basis points
to 4.4 percent.
The cash reserve ratio was raised by 50 basis points to 4.5
percent.
The MPC noted that it would remain accommodative while focusing
on withdrawal of accommodation to ensure that inflation remains
within the target going forward, while supporting growth.
The Indian rupee spiked up to near a 2-week high of 76.18
against the greenback from yesterday's close of 76.46. The rupee is
likely to face resistance around the 74.00 region, if it gains
again.
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