Rupee trades marginally lower at 83.35 against US dollar as most Asian currencies slide

Rupee trades marginally lower at 83.35 against US dollar as most Asian currencies slide

The Reserve Bank of India (RBI) initiated its meeting on December 6 to assess the nation’s monetary policy.

The MPC is expected to maintain a status quo on both the key rates and its stance when it shares the outcome of the meeting

The rupee saw a slight decline against the US dollar, tracking losses in Asian currencies. As of 9:10 am, it was trading at 83.35 per dollar, a 0.03 percent decrease from its previous close of 83.33.

Traders are eagerly anticipating the outcome of the Reserve Bank of India’s (RBI) monetary policy review, initiated during the Monetary Policy Committee (MPC) meeting on December 6. The MPC is expected to announce its decision on December 8, and the prevailing expectation is that it will maintain the status quo on key interest rates and its accommodative stance.

The current benchmark policy repo rate stands at 6.50 percent with a stance of “withdrawal of accommodation,” as the MPC held the policy rates steady in its last four consecutive meetings.

Meanwhile, several Asian currencies exhibited weakness, with the South Korean won, Thai Baht, Indonesian rupiah, Taiwan dollar, Malaysian ringgit, and Philippines peso experiencing declines. On the positive side, the Japanese yen rose by 0.29 percent, and the China Offshore spot advanced by 0.09 percent. Stay updated on market developments through our live market blog.

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