RBIs August monetary policy sends rupee to a two-year high
Rupee crossed over Rs 63 - level on Thursday post RBIs August policy as foreign investors continue to remain optimistic about the Indian economy.
Key Highlights:
- RBI cuts policy repo rate to 6% from 6.25%
- RBI reduces reverse repo rate to 5.75% from 6%
- RBI maintains neutral stance in August policy
The expectation of a repo rate cut by Reserve Bank of India's (RBI) in its August bi-monthly monetary policy was enough for Indian rupee to strengthen and reach a two-year high.
On Thursday, INR was trading at 63.605 down 0.065 paisa or 0.10% against the dollar – a level which was last seen at on June 01, 2015.
Bi-monthly monetary policy: RBI says MCLR performance not 'entirely satisfactory'
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.