On domestic cues, RBI at the monetary policy review decided to cut the repo rate by 25bps to 6.5%, while reduced the minimum daily maintenance of CRR from 95% to 90%.
The Indian rupee opened higher by 4 paise at 66.42/$ on Wednesday as against the previous close of 66.46/$. On Tuesday, the rupee lost ground against US dollar, influenced by the sharp fall in equities.Markets were under pressure due to weakness in European markets, wherein Germany's DAX spearheaded the decline after a disappointing factory orders report which showed a contraction of 1.2% on mom basis.
On domestic cues, RBI at the monetary policy review decided to cut the repo rate by 25bps to 6.5%, while reduced the minimum daily maintenance of CRR from 95% to 90%. The central bank has gradually lowered the average liquidity deficit in the system from 1% of NDTL to a position closer to neutrality.
The home currency closed at 66.46/$, down 26 paise as against the previous close of 66.20/$. The local unit had hit a high of 66.30 and a low of 66.76. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.32 and for Euro stood at 75.52. The RBI’s reference rate for the Yen stood at 59.98; reference rate for the Great Britain Pound (GBP) stood at 94.4200.
On domestic cues, RBI at the monetary policy review decided to cut the repo rate by 25bps to 6.5%, while reduced the minimum daily maintenance of CRR from 95% to 90%. The central bank has gradually lowered the average liquidity deficit in the system from 1% of NDTL to a position closer to neutrality.
The home currency closed at 66.46/$, down 26 paise as against the previous close of 66.20/$. The local unit had hit a high of 66.30 and a low of 66.76. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.32 and for Euro stood at 75.52. The RBI’s reference rate for the Yen stood at 59.98; reference rate for the Great Britain Pound (GBP) stood at 94.4200.
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