Indian Rupee Appreciates To 1-week High Versus U.S. Dollar After RBI Rate Cut
26 Marzo 2020 - 8:28PM
RTTF2
The Indian rupee drifted higher against the U.S. dollar in
morning deals on Friday, after the Reserve Bank of India reduced
its key interest rates unexpectedly and unveiled measures to
improve liquidity to mitigate the economic downturn caused by the
spread of coronovirus.
The repo rate was cut by 75 basis points to 4.40 percent, with
immediate effect, the bank said in a statement.
Accordingly, the marginal standing facility, or MSF rate and the
Bank Rate were reduced to 4.65 percent from 5.40 percent.
Further, widening the liquidity adjustment facility corridor,
the central bank trimmed the reverse repo rate by 90 basis points
to 4.00 percent.
The bank reduced the cash reserve ratio by 100 basis points to
3.00 percent.
The MPC decided to continue with the accommodative stance as
long as it is necessary to revive growth and mitigate the impact of
coronavirus, or covid-19, on the economy.
The rupee moved up to 74.21 against the greenback, its biggest
level since March 20. The pair had ended Thursday's trading at
74.94. The next key resistance for the rupee is located around the
72.00 level.
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