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    Rupee strengthens to 79.15 against US dollar after RBI rate hike

    Rupee strengthens to 79.15 against US dollar after RBI rate hike

    Rupee strengthens to 79.15 against US dollar after RBI rate hike
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    By Asmita Pant   IST (Published)


    The rupee appreciated to 79.15 against the US dollar on Friday ahead of Reserve Bank of India (RBI) Monetary Policy Committee's  (MPC) decision announcement on rise in repo rates amid global showdown. The currency was further supported by fall in oil prices and an easing dollar. 

    The rupee gained by as much as 31 paise to touch 79.15 against the US dollar on Friday, after Reserve Bank of India (RBI) Governor Shaktikanta Das announced a 50 basis-point hike in the repo rate — the key rate at which it lends money to commercial banks. Cooling off crude oil rates and an easing greenback overseas also supported the rupee.
    On rupee, the governor said that the domestic currency has moved in a relatively orderly fashion depreciating by 4.7 percent in FY23 against the US dollar, faring much better than several reserve currencies & EME and Asian peers. He said that the depreciation is more on account of the appreciation of the dollar than weakness in macro fundamentals of Indian economy.
    Das said that the market interventions by RBI has helped in containing volatility and ensured orderly movement of the rupee. He added that the RBI will remain watchful and focused on maintaining stability of the rupee.
    The domestic currency settled at 79.46 in the previous session.
    The dollar index — which measures the US dollar against a basket of currencies — fell 0.1 percent.
    Crude oil prices climbed down, reversing gains from the previous session amid demand concerns.
    Brent crude futures slumped almost one percent to $93.2 a barrel and West Texas Intermediate (WTI) futures fell 0.8 percent to $87.8 a barrel.
    Indian equity benchmarks started the day in the green mirroring gains across global markets.
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