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Forex News: Indian Rupee Drops Against U.S. Dollar After RBI

Indian Rupee Drops Against U.S. Dollar After RBI Rate Cut

04/04/2019 - 03:18:00 (RTTNews)

(RTTNews) - The Indian rupee declined against the U.S. dollar in the morning session on Thursday, after the Reserve Bank of India reduced the key interest rate and lowered the growth and inflation outlook.

The RBI slashed its repo rate by 25 basis points to 6 percent, in line with economists' expectations.

The reverse repo rate was lowered to 5.75 percent and the marginal standing facility rate was cut to 6.25 percent.

The Monetary Policy Committee decided to maintain the neutral monetary policy stance, the RBI said.

"These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth," the bank said.

The rupee declined to 69.03 against the greenback from yesterday's closing value of 68.64. Next key support for the rupee is seen around the 71.00 region.

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