The Indian rupee trimmed its early losses against the U.S. dollar in afternoon deals on Monday, as the Reserve bank of India decided to keep its key interest rates steady as expected.
The RBI, led by Governor Duvvuri Subbarao, maintained its repo rate to 7.25 percent and the reverse repo rate at 6.25 percent.
The central bank has reduced its key rates thrice this year to revive the flagging economic growth.
The RBI today maintained its cash reserve ratio, or CRR, at 4.00 percent. The bank last slashed the CRR by 25 basis points in January.
The rupee gained to 57.615 a dollar, snapping back from a low of 57.87 touched in prior deals. Further upside, the rupee has resistance around 56.8 area.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.