As RBI holds repo rate, rupee tanks all-time low; Breaches 74-mark against US dollar
The Indian rupee on Friday surpassed the 74-mark to hit an all time low against the US dollar soon after the Reserve Bank of India (RBI) decided to keep the repo rate unchanged.
Further explaining the rationale behind the decision to hold the rates, Patel said that the mandate of the central bank is to target inflation at 4 per cent (with 2 per cent flexibility). He also stated that whatever risks are there have been included in the inflation forecast. "We had two rate hikes earlier. Today's stance is 'calibrated tightening', which means that in this cycle rate cut is off the table," he added.
At the Interbank Foreign Exchange (Forex) market, the home currency opened higher at 73.56 against US dollar compared to its previous record low closing of 73.58. But, it failed to sustain the initial strength and fell back to breach the 74-mark. On Thursday, the domestic unit plunged by 24 paise to end at its all time low of 73.58 against US dollar. The BSE Sensex too slipped by 584.53 points, or 1.66 per cent, to 34,584.63 in late afternoon trade.
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