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NRIPage | Articles | Indian Rupee Strengthens as RBI Keeps Rates Unchanged | Get Business News. Grow and Thrive in the Modern Market around the world - NRI Page
The Indian rupee ended the trading session stronger after the Reserve Bank of India (RBI) decided to keep the benchmark interest rates unchanged, while unveiling measures aimed at improving liquidity in the banking system. The domestic currency gained 3 paise, closing at 84.70 against the US dollar, compared to 84.73 in the previous session. As part of the monetary policy changes, the RBI raised the interest rate ceiling on one-year Foreign Currency Non-Resident (FCNR) deposits by 200 basis points, increasing it to 400 basis points. Similarly, the ceiling for FCNRB deposit rates for 3-5 year maturities was also raised, with this relaxation expected to remain until March 31, 2025.
Additionally, the RBI announced a 50 basis points reduction in the Cash Reserve Ratio (CRR), bringing it down to 4%. This cut will be implemented in two phases on December 14 and 28, each reducing the CRR by 25 basis points. The reduction is expected to inject Rs 1.16 lakh crore in liquidity into the system. Along with these measures, the RBI also lowered its GDP growth forecast for the fiscal year to 6.6% from 7.2%.
Experts believe the rupee could gain support from these efforts to manage liquidity. Amit Pabari, Managing Director of CR Forex Advisors, expects the rupee's downside to be capped at 85, with the USDINR pair likely to trade within the range of 84.50 to 85 in the near term. Meanwhile, the dollar index, which tracks the US dollar's performance against a basket of global currencies, was up by 0.12% at 105.83. Oil prices also saw minor fluctuations, with Brent crude trading at $71.85 per barrel, down by 0.33%, while West Texas Intermediate was slightly up at $68.10 per barrel.
