Business

Indian Rupee Breaches 74 Mark As RBI Keeps Repo Rate Unchanged At 6.5%

JAVED SAIFI | 0
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| October 6 , 2018 , 13:51 IST

The Indian rupee maintaining a mark of above Rs 74 per the US dollar has opened at Rs 74.07 on Saturday.

At the interbank foreign exchange (Forex) market, the rupee was trading at Rs 74.23 per the US dollar on Friday after the Reserve Bank of India kept repo rates unchanged.

The RBI kept repo rate unchanghed at 6.5 percent, the rate at which the central bank lends short-term loans to commercial banks in an event of any shortfall of funds.

Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers was quoted by IANS as saying, "The rupee has extended losses as the RBI monetary policy meeting has clearly disappointed the street."

Also Read: RBI Hikes Repo Rate By 25 Points To 6.5% 

"Market was expecting at least 25 basis points repo rate hike and measures to stabilise the rupee. But the status quo in the policy has disappointed. Given the sell-off in the domestic equities and higher crude oil prices, the rupee is now expected to move towards 75-76 levels in next couple of sessions," he added.

The Indian rupee closed at 73.77 per US dollar on Thursday, 19 paise weaker from its previous close of 73.58.

So far in 2018 year, the Indian rupee has depricated by 13 percent and has become a worst performing currency in Asia with touching above Rs 74 per the US dollar for a first time.

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