The rupee settled lower against the US dollar after the Reserve Bank of India kept the policy rate unchanged at 6.5%. The six-member Monetary Policy Committee voted unanimously on this decision. Forex traders attributed the rupee’s decline to a stronger US currency and rising crude oil prices. The governor of the Reserve Bank of India highlighted the risks of “over-tightening” and emphasized that the policy stance was not moving towards neutral. Despite these factors, the rupee remained resilient to external shocks due to a better macro environment and foreign fund inflows.
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