ND: Indian Rupee Slightly Off New Multi-day Low Against Dollar
The Indian rupee that slumped to a new multi-day low of 50.63 against the dollar in early Tuesday trading reversed direction thereafter. Currently, the dollar-rupee pair is worth 50.44, compared to Monday's New York session close of 50.23.
The Reserve Bank of India Governor, D. Subba Rao, while presenting the statement on Annual Policy for the fiscal 2010 today, cut the repo rate and reverse report rate by 25 basis points each. As per today's decision, the repo rate was reduced to 4.75% from 5%, and that of reverse repo rate to 3.25% from 3.5% with immediate effect.' The apex bank also chose to leave the key Cash Reserve Ratio unchanged at 5.0%, while maintaining the bank rate at 6.00%.
