Indian rupee fell on Wednesday against US dollar after RBI's
mid-quarter monetary policy review. Rupee dropped 9 paise or 0.15%
against US dollar to settle at 62.09 compared to previous close of
62. It touched a high of 61.78 and low of 62.17 after opening at
The Reserve Bank of India (RBI) on Wednesday fixed reference
rate of rupee for US dollar at 61.91 compared with 61.95 on
India's central bank on Wednesday has kept key lending rates
unchanged in the mid-quarter monetary policy review on Wednesday on
the expectations of fall in inflation in near-term. The market
participants were expecting a hike of 25 basis points on the back
of sharp rise in the retail and wholesale inflation.
The Reserve Bank of India retained repo and reverse repo rate by
25 basis points to 7.75% and 6.75% respectively. Cash reserve ratio
has been retained at 4%. The marginal standing facility (MSF) rate
and the bank rate have also been unchanged at 8.75%.