Currency Buzz: Indian Rupee Gains Marginally After RBI Hikes Rates

8 Jun 2022 , 12:37 PM

The Indian Rupee gained a little today after RBI continued with its interest rate hike mandate. The RBI Monetary Policy Committee (MPC) decided to Increase the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 4.90 per cent with immediate effect. Consequently, the standing deposit facility (SDF) rate stands adjusted to 4.65 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 5.15 per cent. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth. The INR tested a high of 77.64 per US dollar in intraday moves and currently quotes at 77.73, up 4 paise on the day after a sharp slide in last session than took it near 77.80 per US dollar mark.Powered by Commodity Insights