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Forex News: Indian Rupee Advances Against U.S. Dollar As RBI

Indian Rupee Advances Against U.S. Dollar As RBI Raises Key Rates Further

08/01/2018 - 06:04:00 (RTTNews)

(RTTNews) - 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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