INR Appreciates On RBI Decision; Elevated Oil Prices, Strong Dollar Cap Gains

The Indian rupee appreciated 9 paise to close at 83.30 (provisional) against the US dollar as the Reserve Bank of India on Friday kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row. At the interbank foreign exchange market, the local unit opened at 83.44 against the greenback. The unit hit an intra-day high of 83.26 and a low of 83.45. A strong US dollar against major rivals overseas and elevated crude oil prices capped sharp gains for the local unit. The dollar index is staying above 104 mark whereas international oil prices are hovering above $86 per barrel. The benchmark S&P BSE Sensex reversed course to end up 20.59 points, or 0.03 percent, at 74,248.22 as the Reserve Bank of India (RBI) kept the policy repo rate unchanged at 6.5 percent and retained the outlook for inflation and GDP growth for 2024-25, assuming a normal monsoon. The broader NSE Nifty index settled virtually unchanged at 22,513.70.

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