Rupee settles on a flat note at 82.96 after RBI monetary policy decision

The rupee settled on a flat note at 82.96 (provisional) against the U.S. dollar on February 8.

The rupee settled on a flat note at 82.96 (provisional) against the U.S. dollar on February 8, after the Reserve Bank of India decided to keep the key policy rate unchanged for the sixth time in a row to maintain a tight vigil on inflation.

Forex traders said a negative trend in domestic equities weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 82.94 against the dollar and moved in a narrow range and settled for the day at 82.96 against the American currency, as the central bank retained the repo rate at 6.5% for the sixth consecutive time.

During the day, the rupee touched an intraday high of 82.89 and a low of 83 against the U.S. dollar.

On February 7, the rupee appreciated 9 paise to close at 82.96 against the dollar.

The Indian rupee remained flat as RBI maintained status quo in its monetary policy for the sixth consecutive time and left Repo Rate unchanged at 6.5%, in line with street expectations.

The central bank revised FY24 GDP projections higher at 7.3% from 7% and projected FY25 GDP at 7%. It also projected CPI (consumer price-based inflation) in FY25 lower at 4.5%.