The Indian rupee managed to gain against the US dollar today following yesterday’s monetary policy meeting. While India’s central bank retained its dovish bias, it was not yet ready to make another reduction of borrowing costs.
The Reserve Bank of India decided to keep its main interest rate at 8.5 percent during yesterday’s policy meeting. The central bank said in the statement that it retains “accommodative stance” but also mentioned uncertainty regarding timing for the future rate cut. The RBI has already slashed lending rates twice this year.
USD/INR fell from 62.3410 to the daily low of 62.3100 as of 1:23 GMT today.
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