Home News/Articles Rupee appreciates by 11 paise after RBI cut repo rate

Rupee appreciates by 11 paise after RBI cut repo rate

After the RBI cut the repo rate, the rupee has gained 11 paise to close at Rs 74 and 51 paise against the US Dollar.

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After the RBI cut the repo rate, the rupee has gained 11 paise to close at Rs 74 and 51 paise against the US Dollar. Foreign traders said that the domestic currency appreciated after the RBI cut the lending rate to 6.25 per cent. They further added that easing crude prices and fresh foreign fund inflows also supported the local unit. This happens to be the third consecutive session of appreciation for the rupee, where it has gained 35 paise.

According to HDFC Securities Head PCG & Capital Markets strategy V K Sharma, the rupee appreciated after RBI changed its policy stance from ‘calibrated tightening’ to neutral.

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