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The rupee hit a five-month low and neared its record low after the RBI raised rates 25 basis points to 5.5% and signalled more tightening. Governor Sanjay Malhotra said short-term financial market behaviour can be irrational.
The Indian rupee fell to a five-month low, nearing a record low on Wednesday, even after an interest rate hike and signals of further monetary tightening. Traders indicated that the policy was not perceived as hawkish enough to support the Asian currency.
The Indian rupee fell to a five-month low and neared a record low on Wednesday, hitting 96.8450 per dollar, despite the Reserve Bank of India raising its policy repo rate by 25 basis points to 5.5%. Traders said the policy was not hawkish enough to support the currency.
By Dharamraj Dhutia and Jaspreet KalraThe Indian rupee fell to a five-month low and neared a record low on Wednesday despite an interest rate hike and signals about further monetary tightening, with traders saying the policy was not hawkish enough to support the Asian currency.The Reserve Bank of I…