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Forex News: Indian Rupee Eases From 6-day High Against U.S.

Indian Rupee Eases From 6-day High Against U.S. Dollar After RBI Decision

08/06/2020 - 07:04:00 (RTTNews)

(RTTNews) - The Indian rupee eased off against the U.S. dollar in evening deals on Thursday, after the Reserve Bank of India left its key interest rates unchanged and said that the surge in COVID-19 cases has hurt economic revival.

The Monetary Policy Committee decided to hold the repo rate unchanged at 4 percent, the central bank said in a statement.

The reverse repo rate was held steady at 3.35 percent and the marginal standing facility rate and the Bank Rate at 4.25 percent.

"The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward," the bank said.

The rupee pulled back to 74.85 against the greenback, from a 6-day high of 74.61 seen in the morning session. Next likely downside target for the rupee is seen around the 76.00 level.

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