RTTN:Indian Rupee Recovers Against U.S. Dollar As RBI Retains Key Rate
The Indian rupee trimmed its early losses against the U.S. dollar in afternoon deals on Monday, as the Reserve bank of India decided to keep its key interest rates steady as expected.
The RBI, led by Governor Duvvuri Subbarao, maintained its repo rate to 7.25 percent and the reverse repo rate at 6.25 percent.
The central bank has reduced its key rates thrice this year to revive the flagging economic growth.
The RBI today maintained its cash reserve ratio, or CRR, at 4.00 percent. The bank last slashed the CRR by 25 basis points in January.
The rupee gained to 57.615 a dollar, snapping back from a low of 57.87 touched in prior deals. Further upside, the rupee has resistance around 56.8 area.
