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Indian Rupee Rises To 2-day High Against U.S. Dollar
(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the European session on Friday.
In economic news, the Reserve Bank of India reduced its key interest rates for the first time in nearly five years with an aim to boost economic growth.
Under the leadership of newly appointed Governor Sanjay Malhotra, the Monetary Policy Committee decided to reduce the policy repo rate by 25 basis points to 6.25 percent from 6.50 percent.
This was the first reduction since May 2020. Markets widely expected today's rate cut.
Against the U.S. dollar, the rupee advanced to a 2-day high of 87.283 from an early low of 87.585.
If the rupee extends its uptrend, it is likely to find resistance around the 86.00 region.
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