USD/INR Price News: Indian rupee struggles to cheer RBI’s 50 bps rate hike near 77.70 By anilpanchal7 USDINR RiskAppetite CentralBanks Inflation Currencies
Having been baffled by eight-year high inflation, the Reserve Bank of India announces 50 basis points of a lift in the key Repo Rate to 4.9%. However, the Indian central bank left the Reverse Repo Rate unchanged at 3.35%.
In addition to the growing inflation fears, the recent chatters surrounding global economic slowdown and the upbeat oil prices also challenge the USD/INR sellers. Furthermore, recovery in the US Treasury yields and anxiety ahead of Thursday’s European Central Bank meeting, as well as Friday’s USThat said, China’s Vice Commerce Minister Wang Shouwen joined China’s Vice Finance Minister Zou Jiayi to renew fears of global economic slowdown, as well as fears of receding demand.
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