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Indian Rupee Gains Against U.S. Dollar After RBI Repo Rate Hike

The rupee ended at 81.34/Dollar, up 0.61%. This is the best close for the currency this week.

Rishabh Bhatnagar

500 rupees Indian bank notes arranged for photograph. (Photo: Usha Kunji/BQ Prime)

The Indian rupee extended gains against the U.S. dollar after the Reserve Bank of India hiked the repo rate by 50 basis points.

The currency opened at 81.59, up 0.31% over Thursday's close of 81.84. After the monetary policy announcement by RBI Governor Shaktikanta Das, the local currency trimmed some gains but bounced back sharply to gain as much as 0.87% to 81.14.

The rupee ended at 81.34, up 0.61%. This is the best close for the currency this week.

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Also Read: India's Forex Reserves Fell Largely Due To Valuation Change, Says RBI Governor

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