The Indian rupee appreciated against the U.S. dollar in the morning session on Friday, as India’s central bank left its key interest rates unchanged as widely expected due to higher inflation.

The Monetary Policy Committee, led by Governor Shaktikanta Das, voted unanimously to hold the policy repo rate at 4.00 percent. The reverse repo rate was retained at 3.35 percent.

The Marginal Standing Facility or MSF rate, and the Bank rate remained unchanged at 4.25 percent.

Das said the bank will continue with accommodative policy stance as long as necessary, at least for the current financial year and into the next year.

The bank projected real GDP to fall 7.5 percent in the financial year 2021-21. Das said inflation is likely to remain elevated. This constrains monetary policy at the current juncture.

The rupee firmed to a 2-day high of 73.62 against the greenback from yesterday’s closing value of 73.84. Next key resistance for the rupee is seen around the 72.00 region.

The material has been provided by InstaForex Company –

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