💨 Abstract

The Indian rupee recovered 9 paise to close at 87.50 against the US dollar on Friday, following the Reserve Bank of India's 25 basis point reduction in the key policy rate. The repo rate now stands at 6.25%, marking the first reduction since May 2020. However, forex traders expect the rupee to maintain a negative bias due to weak domestic markets and dollar demand from importers.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖