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Forex News: Indian Rupee Hits 8-day High Against U.S. Dollar

Indian Rupee Hits 8-day High Against U.S. Dollar After RBI Decision

10/04/2017 - 05:51:00 (RTTNews)

(RTTNews) - The Indian rupee firmed against the U.S. dollar in evening deals on Wednesday, after India's central bank left its key interest rates unchanged, but cut the statutory liquidity ratio to inject more liquidity into the financial system.

At the fourth bi-monthly monetary policy statement, the monetary policy committee of Reserve Bank of India, on Wednesday, decided to maintain the repo rate at 6.00 percent and the reverse repo rate at 5.75 percent.

The bank lowered the statutory liquidity ratio by 50 basis points to 19.50 percent.

The rupee climbed to an 8-day high of 65.31 against the greenback, compared to Tuesday's closing value of 65.62. If the rupee rises further, 63.00 is possibly seen as its next resistance level.

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