Currency Buzz: INR Settles Higher On RBI Rate Hike

30 Sep 2022 , 05:07 PM

The rupee extended its initial gains and settled 37 paise higher at 81.36 against US dollar on Friday, after the Reserve Bank of India raised the benchmark lending rate by 50 basis points. The Reserve Bank of Indias Monetary Policy Committee announced a 50 basis points repo rate hike to 5.9% on Friday. With this, the central bank has raised benchmark interest rate by a total 1910 basis points to counter the sticky inflation in the economy. The monetary policy committee remains focused on withdrawal of accommodation to ensure that inflation remains within target while supporting growth, RBI Governor Shaktikanta Das said on Friday. At the interbank forex market, the local currency opened at 81.60 against the greenback. It witnessed an intra-day high of 81.17 and a low of 81.69 during the session. It finally ended at 81.36, up 37 paise from its previous close. Powered by Commodity Insights