Rupee slips 2 paise to 81.92 against USD post-RBI policy decision
The Hindu
On the rupee, Reserve Bank Governor Shaktikanta Das said the Indian Rupee has moved in an orderly manner.
The rupee pared initial losses and settled 2 paise lower at 81.92 (provisional) against the U.S. dollar on Thursday after the RBI decided to keep the key benchmark policy rate at 6.5%.
Forex traders said the Indian rupee witnessed volatility after the Reserve Bank of India (RBI) surprised the market by pausing the rate hike.
At the interbank foreign exchange, the domestic unit opened weak at 81.95 against the dollar, and finally ended the day at 81.92 (provisional), 2 paise lower from its previous close. On Wednesday, the rupee gained 42 paise to close at 81.90 against the U.S. dollar.
The Reserve Bank of India (RBI) on Thursday decided to keep the key benchmark policy rate at 6.5% even as inflation is trending above its tolerance level. The rate hike has been paused after six consecutive rate increases aggregating to 250 basis points since May 2022.
On the rupee, Reserve Bank Governor Shaktikanta Das said the Indian Rupee has moved in an orderly manner in the calendar year 2022 and continues to be so in 2023 also.
This is reflective of the strength of domestic macroeconomic fundamentals and the resilience of the Indian economy to global spillovers.
RBI remains watchful and focused on maintaining the stability of the Indian rupee, he added.
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