Announcing monetary policy, the RBI governor said that the Indian economy has large foreign exchange reserves and is ready and determined to defend the economy
Announcing monetary policy, the RBI governor said that the Indian economy has large foreign exchange reserves and is ready and determined to defend the economy
The rupee rose 23 paise to 75.80 against the US dollar in Friday’s opening trade, while the Reserve Bank of India maintained the benchmark interest rate status quo.
Announcing monetary policy, RBI Governor Shakkanta Das said that the Indian economy has large foreign exchange reserves and is ready and determined to defend the economy.
On the interbank foreign exchange exchange, the rupee opened at 75.99 against the US dollar and continued to gain momentum, touching 75.80 against the US currency, up 23 paise from the previous close.
On Thursday, the rupee fell 19 paise to close at 76.03 against the US dollar.
This is the 11th consecutive time that the Monetary Policy Committee (MPC), headed by Mr. Das, has maintained the status quo and left the benchmark interest rate unchanged at 4%.
The RBI last revised its policy rate, or short-term lending rate, on May 22, 2020 in an off-policy cycle to stimulate demand by cutting the interest rate to an all-time low.
Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.13% to 99.87.
Global oil benchmark Brent crude futures fell 0.61% to $99.97 a barrel.
On the domestic stock market front, the 30-piece Sensex was down 114.86 points, or 0.19%, to 58,920.09 points, while the broader NSE Nifty fell 26.20 points, or 0.15%, to 17,613.35 points.
Foreign institutional investors remained net sellers in the capital market on Thursday, selling 5,009.62 crore of shares, according to stock market data.
