INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar: The rupee is down 5% against the dollar so far this yearThe rupee gave up early gains to close flat at 74.93 against the US
"whatever is necessary" to revive an economy battered by the COVID-19 pandemic
The rupee surrendered all of its intraday gains in the second half of the session following the central bank's announcement, having risen
at 74.81 against the US currency on Thursday, ahead of the release of a scheduled bi-monthly statement by the central bank, compared to its
inflation stays within its target range, leaving the repo rate at 4.0 per cent and the reverse repo rate at 3.35 per cent.Repo rate is the
interest rate at which the RBI lends funds to commercial banks, whereas reverse repo rate is one at which the RBI borrows funds from
banks, a move that was widely awaited by the industry.Domestic stock markets closed higher after the RBI action
per cent.Meanwhile, the dollar index - which gauges the greenback against six currencies - was last seen trading 0.04 per cent higher,
seen trading 0.51 per cent lower at $44.94 per barrel.At the current level, the rupee has recovered 2.57 per cent against the US dollar
since an all-time low of 76.91 registered in April, but is still down 5 per cent so far this year.
