Rupee crosses 74 mark against US Dollar

rupee dollar

New Delhi, Oct 5: The Indian Rupee crossed 74 mark against US Dollar for the first time on Friday, after the Reserve Bank of India (RBI) maintained its key benchmark lending rates.

This comes after the central bank announced its decision, post 2.30 p.m., the rupee plunged to over 74 a US dollar — the lowest ever mark — it has touched against the greenback.

It opened the day’s trade at the Inter-Bank Foreign Exchange Market at 73.64 (73.6375) to a dollar from its previous close of 73.58.

The RBI belied market expectations of a rate hike, which was expected to arrest the free fall in the rupee’s value.

As per the RBI’s fourth bi-monthly monetary policy statement, the key lending rates have been kept intact on the back of an uncertain global economic scenario.

The policy repo rate under the liquidity adjustment facility (LAF) remained unchanged at 6.5 per cent.

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