Rupee weakens 9 paise against dollar - The New Indian Express

Rupee weakens 9 paise against dollar

Published: 18th December 2013 06:18 PM

Last Updated: 18th December 2013 06:18 PM

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 61.90.

The Reserve Bank of India (RBI) on Wednesday fixed reference rate of rupee for US dollar at 61.91 compared with 61.95 on Tuesday.

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%.

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