The central bank kept its key policy repo rate unchanged at 4 percent, but warned that the recent increase in COVID-19 transitions has led to uncertainty in economic growth rates
The Indian rupee slipped 24 paise to close at 73.66 against the US dollar on Wednesday after the Reserve Bank of India maintained the status quo at policy rates for the fifth consecutive time.
The central bank kept its key policy repo rate unchanged at 4 percent, but cautioned that the recent increase in COVID-19 infections has led to uncertainty over the economic growth recovery.
In the interbank foreign exchange market, the domestic unit opened at 73.52 against the US dollar, then fell further to 73.66, a decline of 24 paise from the previous close.
The rupee had closed at 73.42 against the US currency on Tuesday.
The Reserve Bank of India on Wednesday left interest rates unchanged and maintained an aggressive stance as the economy is under renewed threat to growth due to the resurgence of coronovirus cases.
There has been a record daily increase in the number of new coronovirus cases in India, causing epidemic outbreaks within 24 hours with more than 1.15 lakh new infections, bringing the nationwide COVID-19 tally to 1,28,01,785. Is, the data of the Union Ministry of Health was updated on Wednesday.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, fell 0.01 percent to 92.32.
In the domestic equity market, the 30-share BSE benchmark Sensex rose 305.84 points to trade at 49,507.23, and the broader NSE Nifty rose 85.95 points to 14,769.45.
According to exchange data, foreign institutional investors were net sellers in the capital market as they held shares worth Rs 1,092.75 crore on Tuesday.
Global oil benchmark Brent crude futures rose 0.46 percent to $ 63.03 a barrel.
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