The Indian rupee traded higher versus the US dollar today following yesterday’s unexpected interest rate cut by the Reserve Bank of India.
India’s central bank cut its policy repo rate by 25 basis points to 6.25% yesterday. Most analysts did not expect such move. The Monetary Policy Committee also shifted its hawkish stance:
The MPC also decided to change the monetary policy stance from calibrated tightening to neutral.
USD/INR fell 0.2% to $71.3125 as of 12:46 GMT today.
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