The Indian rupee gained past 62 a dollar in early trade on
Thursday as the Reserve Bank of India (RBI) slashed repo rate by 25 basis
points to 7.75 percent.
The currency appreciated by 30 paise to trade at 61.88 per
dollar against previous day's closing value of 62.18 a dollar.
RBI kept cash reserve ratio (the amount of funds that every
bank has to keep with the RBI) unchanged. Governor Raghuram Rajan says
inflation may be below 6 percent by January 2016.
The dollar nurses losses, having retreated across the board
after a surprisingly big fall in US retail sales pulled US yields sharply
lower.
Also Read - RBI cuts
repo rate by 25 basis points ahead of Feb 3 policy
Mohan Shenoi of Kotak Mahindra Bank said, "Global
markets are swinging between risk-on and risk-off based on US data and
growth/deflation scare. The dollar is showing mixed trends by holding stable
against Euro while mildly losing ground to Yen and GBP. The USD-INR is expected
to trade in a range of 62-62.30/dollar today."
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