Indian Rupee Little Changed After RBI Keeps Key Rates Unchanged
2024-08-02
4707
(fxcue news) - The Indian rupee changed little against the U.S. dollar in the late Asian session on Thursday, after India's central bank maintained its interest rates for the ninth consecutive session.
The Monetary Policy Committee of the Reserve Bank of India (RBI) led by Governor Shaktikanta Das, voted 4-2 to keep the policy repo rate unchanged at 6.50 percent.
The decision came in line with expectations. Ashima Goyal and Jayanth Varma voted to reduce the policy repo rate by 25 basis points.
Recently, the rupee depreciated to a record low of 84.1370 against the greenback amid concerns over an escalating Middle East conflict and fears that the U.S. economy may be heading for a recession.
However, the RBI may intervene the fx market to stabilize the local currency, if the currency declines further.
Against the U.S. dollar, the rupee fell slightly to 83.970 from an early high of 83.9020. At yesterday's close, the rupee was trading at 83.8650 against the greenback.
If the rupee extends its downtrend, it is likely to find support around the 84.00 region.
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