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Rupee drops 8 paise as RBI leaves repo unchanged at 5.15 per cent

Thu Dec 05 2019

 

The Indian rupee fell 8 paise to 71.61 against the US dollar in mid-session trade on Thursday after the Reserve Bank surprisingly left the key policy rate unchanged at 5.15 per cent.

 

The RBI maintained the status quo in its policy decision and decided to continue with its accommodative stance to support the economy.

 

The central bank also revised GDP growth downwards to 5 per cent for 2019-20, from 6.1 per cent projected in its October policy.

 

All the six members of the MPC voted in favour of a rate pause. The CPI inflation projection has been revised upwards to 5.1-4.7 per cent for H2 FY20 and 4-3.8 per cent for H1 FY21.

 

Between February and October 2019, the RBI reduced the repo rate by 135 basis points.

 

Earlier, the rupee opened on a steady note at 71.53 against the US dollar.

 

On Wednesday, the rupee had settled for the day at 71.53 against the US dollar.

 

Source: Hindu business line.

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