Reportedly the indian rupee appreciated by 81 paise to 74.35 against the US dollar in intra-day trade on friday, after the Reserve bank had announced various measures including a 75 basie point cut in repo rate to support the economy amid the coronavirus-induced crisis.
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) on friday cut the benchmark interest rate by 75 basis points to 4.4 per cent. The central bank also reduced the cash reserve ratio (CRR) of all banks by 100 basis points to 3 per cent with effect from march 28 for 1 year.
bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi governor Shaktikanta Das said all instruments conventional and unconventional are on the table to support financial stability and revive growth, and noted that Rs 3.74 lakh crore liquidity will be injected into system through various measures announced on Friday. Forex traders welcomed the bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi initiatives and said the measures showed that the central bank is willing to take steps to fight the Covid-19 pandemic.