RTTN: Indian Rupee Slightly Off 5-day High Against U.S. Dollar
(RTTNews) - The Indian Rupee that rose to 5-day high of 45.44 against the U.S. dollar at 12:20 am ET Tuesday has come off slightly shortly thereafter in reaction to the Reserve Bank of India's interest rate announcement.
Currently, the rupee is worth 45.57 per dollar, compared to yesterday's close of 45.475.
The repo, the rate at which the RBI lends, was raised to 6.50% from 6.25% and the reverse repo, the rate at which the central bank borrows from banks, to 5.50% from 5.25% with immediate effect. The cash reserve ratio, the portion of deposits banks need to park with the central bank, was retained at 6%.
