Mumbai: The Indian rupee gained against the US dollar in early trade on Thursday. As per market experts, the Reserve Bank of India’s (RBI) monetary policy decision and weakening of the US dollar in overseas markets supported the Indian currency.
At the Interbank foreign exchange, the Indian rupee opened at 82.9025 against the US dollar, up by 0.08%. On Wednesday, the Indian rupee settled at 82.9675.
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The dollar index, which gauges the American currency’s strength against a basket of six currencies was little changed at 103.98.
The Reserve Bank of India (RBI) has decided to keep the repo rates unchanged at 6.5%.This is for sixth consecutive time that RBI is keeping the key lending rate unchanged. RBI Governor Shaktikanta Das announced this after the Monetary Policy Committee (MPC) meeting of the apex bank. The RBI also has decided to keep the FY24 GDP projection unchanged at 7 per cent. The RBI MPC also kept the SDF unchanged at 6.25 per cent, and MSF and Bank Rates maintained at 6.75 per cent. The SDF is the lower band of the interest rate corridor, while the MSF is the upper band. The apex bank in the country also kept inflation forecast unchanged at 5.4 per cent for 2023-24.
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