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Forex News: Indian Rupee Edges Up Against U.S. Dollar After

Indian Rupee Edges Up Against U.S. Dollar After RBI Rate Cut

08/07/2019 - 03:43:00 (RTTNews)

(RTTNews) - The Indian rupee advanced against the U.S. dollar in the afternoon session on Wednesday, after the Reserve Bank of India lowered its key interest rate for the fourth straight time and retained its 'accomodative' stance to support subdued economic growth.

The Monetary Policy Committee of the RBI, governed by Shaktikanta Das voted to reduce the key rate by 35 basis points to 5.40 percent. The reverse repo rate was adjusted to 5.15 percent.

Policymakers also decided to maintain the accommodative stance of monetary policy.

The decisions were taken in consonance with the objective of achieving medium-term inflation target, while supporting growth, the bank said.

The rupee rose 0.5 percent to 70.61 against the greenback from Tuesday's closing value of 70.97. Next key resistance for the rupee is seen around the 68.05 level.

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