Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Rupee Inches to 71 Level Against US Dollar; Sees High Volatility Post RBI Policy Decision

The Reserve Bank on Wednesday cut key interest rate for the fourth consecutive time, as it reduced repo rate by 35 basis points to 5.40 per cent to boost the slowing economy.

PTI

Updated:August 7, 2019, 1:01 PM IST
facebookTwitterskypewhatsapp
Rupee Inches to 71 Level Against US Dollar; Sees High Volatility Post RBI Policy Decision
Even savings see a jump in this scenario, as banks will be in better position to offer you real rate of return on your savings. (Image: Reuters)
Loading...

Mumbai: The rupee witnessed high volatility and slipped towards 71 level after the Reserve Bank of India on Wednesday cut key interest rate by 35 basis points to boost the slowing economy.

The rupee had opened on a weak note at 70.92 at the interbank forex market, then fell further to 70.99 against the USD. The domestic currency was trading at 70.91 at 1215 hrs, down 10 paise over its last close.

Following the RBI's Monetary Policy Committee (MPC) decision, the local currency witnessed heavy volatility. It fell to a low of 70.99 and a high of 70.88 within minutes of RBI policy decision.

The domestic unit had settled at 70.81 against the US dollar on Tuesday.

The Reserve Bank on Wednesday cut key interest rate for the fourth consecutive time, as it reduced repo rate by 35 basis points to 5.40 per cent to boost the slowing economy.

The six-member monetary policy committee (MPC) also maintained the 'accommodative stance' on the monetary policy.

Noting that inflation is currently projected to remain within the target over a 12-month ahead horizon, the MPC said since the last (June) policy, domestic economic activity continues to be weak, with the global slowdown and escalating trade tensions posing downside risks.

The RBI also revised real GDP growth for 2019-20 downwards to 6.9 per cent from 7 per cent in the June policy.

Meanwhile, brent crude futures, the global oil benchmark, fell 0.29 per cent to USD 58.77 per barrel, as US-China trade dispute rattled investor sentiments.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,107.93 crore on Tuesday, as per provisional data.

Domestic bourses also witnessed heavy volatility and was trading higher by 46.61 points or 0.13 per cent at 37,023.46 and Nifty was trading at 10,951.50, up 3.25 points or 0.03 per cent.

Meanwhile, on the global front investors fretted as dispute between tow of the world's largest economies intensified over tariffs and currency.

China has meanwhile reported to have said that it is halting new purchases of US agricultural products after President Trump vowed last week to impose new tariffs on Chinese goods starting in September.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 550.75 -0.11
HDFC 2,100.00 -0.84
Reliance 1,278.00 -0.80
Yes Bank 79.45 3.79
HDFC Bank 2,227.70 -0.08
Company Price Change %Gain
SBI 290.95 0.38
Indiabulls Hsg 551.10 -0.04
Yes Bank 79.45 3.79
Maruti Suzuki 5,975.15 2.74
SpiceJet 143.50 3.02
Top Gainers
Company Price Change %Gain
UPL 549.05 4.14
Yes Bank 79.45 3.79
Power Grid Corp 211.15 2.92
Maruti Suzuki 5,975.05 2.73
IndusInd Bank 1,439.10 2.73
Company Price Change %Gain
Yes Bank 79.45 3.79
Power Grid Corp 211.25 2.85
Maruti Suzuki 5,975.15 2.74
IndusInd Bank 1,438.25 2.70
Axis Bank 675.55 1.86
Top Losers
Company Price Change %Gain
TCS 2,165.10 -1.78
Vedanta 144.40 -1.47
HCL Tech 1,062.75 -1.25
BPCL 351.20 -0.92
HDFC 2,100.00 -0.84
Company Price Change %Gain
TCS 2,163.50 -1.87
Vedanta 144.30 -1.54
HCL Tech 1,061.65 -1.37
HDFC 2,098.75 -0.91
Reliance 1,277.40 -0.85

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results