SME Times News Bureau | 08 Oct, 2019
The India Rupee on Monday depreciated 13 paise to fall below
the physiological mark of 71 a dollar on economic growth concerns.
This comes on the heels of the Reserve Bank of India sharply
lowering its FY20 growth forecast from 6.9 per cent earlier to 6.1 per cent.
However, RBI expects 2QFY20 GDP growth at 5.3 per cent and it forecasts sharp
revival to 6.9 per cent in 2HFY20.
The Indian rupee closed at Rs 70.89 a US dollar on Friday after RBI slashed the
repo rate by another 25 basis points.
In a unanimous decision, RBI cut its repo rate by 25 bps to 5.15 per cent,
taking cumulative cut to 135 bps for CY19 to support growth. Monetary policy
stance was maintained as "accommodative".
Meanwhile, Foreign Institutional Investors (FII) sold Rs 2,792.21 crore in
October as yet and the benchmark Sensex has ended lower for the last five
sessions.
