Indian Rupee Weakens To 4-day Low Against U.S. Dollar After RBI Rate Cut
21 Mayo 2020 - 11:51PM
RTTF2
The Indian rupee depreciated against the U.S. dollar in
afternoon deals on Friday, after the Reserve Bank of India cut its
key interest rates unexpectedly to mitigate the adverse impact of
the pandemic on the economy.
The monetary policy committee of the Reserve Bank of India
reduced the policy repo rate by 40 basis points to 4 percent from
4.40 percent. The reverse repo rate was cut by 40 basis points to
3.35 percent from 3.75 percent.
The bank reiterated that it will maintain its "accommodative"
stance till growth picks up.
Although the lockdown may be lifted by end-May with some
restrictions, economic activity even in Q2 may remain subdued due
to social distancing measures and the temporary shortage of labour,
it said.
The rupee weakened to a 4-day low of 75.49 against the greenback
from Thursday's closing value of 75.06. Next likely downside target
for the rupee is seen around the 77 level.
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