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RBI keeps Repo rate unchanged, maintains accommodative stance
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SME Times News Bureau | 09 Oct, 2020
Persistently high inflation fanned in part due to supply side
disruptions along with seasonal factors led the Reserve Bank of India to
maintain the key lending rates.
Accordingly, the Monetary Policy
Committee of the central bank in its penultimate meet for 2020, decided
to maintain the repo rate -- or short-term lending -- rate for
commercial banks, at 4 per cent.
Besides, the reverse repo rate
stands unchanged at 3.35 per cent, and the marginal standing facility
(MSF) rate and the 'Bank Rate' at 4.2 per cent.
The MPC voted to maintain accommodative stance, thus opening up possibilities for more future rate cuts.
It
was broadly expected that the RBI's MPC might hold rates as recent data
showed that retail inflation has been at an elevated level during June.
"The
MPC evaluated domestic and global macroeconomic and financial
conditions and voted unanimously to leave the policy repo rate unchanged
at 4 per cent," RBI Governor Shaktikanta Das said.
"It also
decided to continue with the accommodative stance of monetary policy as
long as necessary -- at least during the current financial year and into
the next year -- to revive growth on a durable basis and mitigate the
impact of Covid-19, while ensuring that inflation remains within the
target going forward."
According to Das, India's economy is entering into a decisive phase in the fight against the pandemic.
He
cited that relative to pre-Covid levels, several high frequency
indicators are pointing to the easing of contractions in various sectors
of the economy and the emergence of impulses of growth.
"By all
indications, the deep contractions of Q1:2020-21 are behind us; silver
linings are visible in the flattening of the active caseload curve
across the country," Das said.
"Barring the incidence of a second
wave, India stands poised to shrug off the deathly grip of the virus
and renew its tryst with its pre-Covid growth trajectory."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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