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Forex News: Indian Rupee Recovers From 3-day Low Versus U.S.

Indian Rupee Recovers From 3-day Low Versus U.S. Dollar After RBI Rate Cut

06/06/2019 - 05:15:00 (RTTNews)

(RTTNews) - The Indian rupee recouped its early losses against the U.S. dollar in afternoon deals on Thursday, after the Reserve Bank of India lowered its key repo rate by a quarter point for the third straight meeting and tweaked its monetary policy stance to accommodative from neutral.

Policymakers of the Reserve Bank of India unanimously decided to slash the repo rate by 25 basis points to 5.75 percent from 6.00 percent. Consequently, the reverse repo rate was adjusted to 5.50 percent.

The six-member committee headed by Shaktikanta Das also unanimously decided to change the stance of monetary policy from neutral to accommodative.

Even after two rate cuts, the committee observed scope to accommodate growth concerns as the headline inflation trajectory remains below the target.

The rupee appreciated to 69.14 against the greenback, up by 0.4 percent from a 3-day low of 69.41 seen in the morning session. At Wednesday's close, the pair was worth 69.39. Next key resistance for the rupee is seen around the 68.00 region.

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