USD/INR holds steady as traders brace for RBI rate decision
The Indian Rupee recovers in Friday’s early European session.
RBI’s MPC cut the repo rate by 25 bps to 6.25% in the February meeting on Friday.
Rising RBI rate cut bets, weakness of Asian peers and uncertainties could undermine the INR.
The US labour market data for January will be closely watched later on Friday.
The Indian Rupee (INR) rebounds after falling to a fresh all-time low in the previous session. The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to cut the policy repo rate by 25 basis points (bps) to 6.25% for the first time in nearly five years.
The local currency remains vulnerable amid a broader decline among Asian currencies, the uncertainties surrounding US trade tariffs and continued portfolio outflows. Nonetheless, the routine intervention...