RTTN:Indian Rupee Off Recent High Against U.S. Dollar
(RTTNews) - The Indian rupee that strengthened against the U.S. dollar in early deals on Tuesday erased its gains after hitting a high of 51.4950 at 1:30 am ET. The rupee is now worth 51.6150 per dollar.
The Reserve Bank of India today lowered the repo rate by 50 basis points to 8.00 percent from 8.50 percent with immediate effect. The repo rate is the rate at which central bank lends to banks. The reverse repo, the rate at which the central bank borrows from banks, was reduced to 7.00 percent from 7.50 percent. Economists were expecting a quarter point reduction.
