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- USD/INR has scaled sharply above 82.00 as the RBI has kept its first bi-monthly policy unchanged.
- Considering the contagion risk from global banking jitters and uncertainty, a steady policy has been chosen.
- Geopolitical tensions between the United States and China are keeping risk-sensitive assets on their toes.
The USD/INR pair has scaled firmly above 82.00the Reserve Bank of Index (RBI) has kept its repo rate unchanged at 6.5%. Out of six Monetary Policy Committee (MPC) members team, five voted for maintaining the status-quo. The street was anticipating a 25 basis point (bps) rate hike as India’s inflation rate at 6.44% is well-above the desired rate. RBI Governor Shaktikanta decided to keep rates steady considering the contagion risks from the global banking fiasco. Apart from that, recent jump in oil prices are sufficient enough to impact the economic prospects.
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