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INR Around 83.40 Per US Dollar, Regulatory Changes Stay In Focus

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Indian Rupee saw sideways movement today as domestic monetary policy took center stage and regulatory changes continued to hog the limelight. INR edged up to 83.37 per US dollar but eased a bit and currently lingers around 83.41, down marginally on the day. The Reserve Bank on Thursday deferred implementation of its directions on exchange traded currency derivatives (ETCD) linked to rupee by a month to May 3 in view of feedbacks received from stakeholders. A circular issued on January 5 on 'Risk Management and Inter-Bank Dealings -- Hedging of Foreign Exchange Risk' was earlier scheduled to come into effect from Friday (April 5, 2024). In a statement, the Reserve Bank of India (RBI) emphasised that the regulatory framework for ETCDs has remained consistent over the years and that there is no change in the RBIs policy approach. Meanwhile, the Monetary Policy Committee of RBI decided by a 5 to 1 majority to keep the policy repo rate unchanged at 6.50% - holding the borrowing costs same since February 2023.
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First Published: Apr 05 2024 | 12:08 PM IST

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