RBI Attempts to Bolster Economy, Rupee Gains
The Indian rupee advanced today on hopes for increasing foreign capital inflows as the nation’s central bank is attempting to bolster the country’s economic growth.
The Reserve Bank of India cut its key interest rate from 8 percent to 7.75 percent yesterday. The bank said in the statement that inflation had likely peaked and would be range-bound in the future. That allows India’s central bank to take additional stimulating measures. For now, the country’s economy does not look particularly healthy, but hopes for growth may attract investors nevertheless.
USD/INR dropped from 53.6555 to 53.2905 as of 13:28 GMT today.
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