Currency Buzz: INR Settles Lower As RBI Keeps Policy Rates Unchanged

10 Feb 2022 , 05:24 PM

The Indian rupee declined by 10 paise to close at 74.94 (provisional) against the US dollar on Thursday after the Reserve Bank of India kept key policy rates unchanged and said it will continue with the accommodative stance. RBI kept the benchmark lending rate unchanged for the 10th time in a row at 4 per cent. The Monetary Policy Committee decided to keep the reverse repo rate unchanged at 3.35 per cent. At the interbank foreign exchange, the rupee opened at 74.90 against the American dollar, and later witnessed an intra-day high of 74.88 and a low of 75.05 against the greenback. The local unit finally ended the day at 74.94, down 10 paise from the previous close of 74.84. Meanwhile, the dollar index, which gauges the greenbacks strength against a basket of six currencies, was trading 0.01 per cent lower at 95.48.

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