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Forex News: Indian Rupee Falls To Near 6-month Low Against

Indian Rupee Falls To Near 6-month Low Against Dollar After RBI Decision

10/08/2021 - 02:21:00 (RTTNews)

(RTTNews) - The Indian rupee weakened against the U.S. dollar in morning deals on Friday, after India's central bank left its key interest rate unchanged and retained its growth projection for the financial year ending March 2022.

The Monetary Policy Committee, led by Governor Shaktikanta Das, kept the policy repo rate steady at 4.0 percent, the Reserve Bank of India said in a statement. The decision was in line with expectations.

The reverse repo rate was left unchanged 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 necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward," the RBI said.

The central bank retained the projection for real GDP growth for the financial year 2021-22 at 9.5 percent.

The Indian rupee fell to 75.18 against the greenback, its lowest level since April 19. The rupee may locate support around the 76 level.

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