Reserve Bank of India cuts Repo rate by 25bps to 5.75%, Indian Rupee little changed
|At its monetary policy meeting held this Thursday, the Reserve Bank of India (RBI), the Indian central bank, slashed the benchmark interest rate, the Repo Rate, by 25 bps to 5.75% vs. 6.00% previous and switched its stance to “accommodative” from “neutral”, as widely expected.
The move suggests a fresh effort by the central bank to boost the economic growth amid falling inflationary pressures and escalating trade wars.
Key Details:
Reverse Repo cut to 5.50% (est 5.50% ; prev 5.75%) .
Cash Reverse Ratio left unchanged at 4.00% (est 4.00% ; prev 4.00%).
Cuts FY20 GDP growth forecast to 7% from 7.2%.
As the decision was already priced-in by the markets, the Indian Rupee barely moved, leaving the USD/INR pair modestly flat around 69.40 levels.
USD/INR Technical Levels
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