USD/INR Firms After Testing One-Month Low as RBI Holds Rate at 5.25%
USD/INR edged higher after touching a one-month low, while the Reserve Bank of India kept its policy rate unchanged at 5.25% and maintained a neutral stance, according to BBH.
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The Reserve Bank of India (RBI) unanimously decided to keep its key policy rate at 5.25% and retain a neutral stance, according to Elias Haddad of Brown Brothers Harriman.
USD/INR firmed on the day after recently testing a one-month low. Haddad noted that the RBI’s stance and capital inflows are providing support to the rupee, though the pair still moved higher.
The combination of a steady RBI and ongoing inflows appears to have limited downside in USD/INR for now, with the pair bouncing off the recent trough.
Source: FXStreet Forex News