INR flips after testing 86 mark following RBI rate cut
Indian Rupee stabilized around 85.80 per US dollar mark today after the Reserve Bank of India (RBI) cut interest rates by half a percent, continuing to witness good support around 86 threshold. A good recovery was seen in the US dollar index as it has edged up near 99 mark and this capped gains in INR. RBI has slashed its key lending rate, or the repo rate, by 50 basis points to 5.5% amid softening inflation. Local stocks soared following this with the NIFTY50 index zooming up 1% to hit 25K mark. INR currently quotes flat around 85.80 per US dollar. On the NSE, USD/INR futures are trading at 85.83, down 0.06% on the day after a spike to 86.05 mark.
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