The Indian rupee fell against the US dollar today after India’s central bank cut interest rates.
The Reserve Bank of India cut its main interest rate by 35 basis points to 5.4%. That was a bigger cut than market participants were anticipating. Furthermore, the reverse repo rate under the liquidity adjustment facility was lowered to 5.15% and the marginal standing facility rate to 5.65%.
USD/INR rose 0.09% to 70.8887 as of 16:15 GMT today.
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