Mumbai: The domestic currency, the Indian rupee had edged lower against the US dollar in the forex market. As per market experts, the heavy selling in the Indian share market and the Reserve Bank of India’s decision to keep the key rates unchanged has weighed upon the Indian currency.
At the Interbank foreign exchange, the Indian rupee opened at 73.02 against the US dollar. During trading, it has reached 73.07 against the US dollar. On Thursday, the Indian rupee had settled at 72.91 against the US currency.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies had surged and reached 90.543. The dollar-rupee June contract on the NSE was at Rs 73.11. The open interest rose 1.6% for the June series.
The apex bank in the country, RBI on Friday has released bi-monthly monetary policy. RBI has decided to keep the repo rate unchanged at 4% and the reverse repo rate at 3.35%. Repo is the rate at which RBI lends funds to l banks in the country. The reverse repo rate is the rate at which the RBI borrows from banks.
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