|Rupee surpasses 74 against dollar after RBI decision|
After the interest rates were kept constant by the Reserve Bank of India (RBI), the Indian rupee fell below the level of 74 against the US dollar on Friday afternoon. After 2.30 pm after the announcement of RBI, the rupee fell below the level of 74 against the dollar. This is a low level. In the inter-bank foreign exchange market, the rupee was trading at a level of 73.64 against the dollar in today’s trade.
The market was expected to increase interest rates, which was proved wrong by the RBI. RBI has not changed the interest rates, while repo rates have been kept at 6.5 per cent, while the reverse repo rate has been kept at 6.25 per cent. Concerns about the expulsion of foreign funds and current account deficits among investors, as crude oil prices rise.
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The opening trade opened steady at Rs 73.56 per dollar with a gain of Rs. But it did not maintain initial strength and quickly went below 74 per dollar level. On Thursday, the rupee lost 24 paise to close at record 73.58 dollars on the lower level. The Sensex of the Bombay Stock Exchange fell 584.53 points, or 1.66 per cent, to 34,584.63 in the afternoon trade.
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