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Indian rupee nears record low despite RBI hike, governor says markets can be irrational
MUMBAI: The Indian rupee fell to a five-month low and neared a record low on Wednesday despite an interest rate hike and signals about further monetary tightening, with traders saying the policy was not hawkish enough to support the Asian currency. The Reserve Bank of India raised the policy repo rate by 25 basis points to 5.5%, marking the first rise in nearly four years, and signalled more hikes by changing its stance to “calibrated tightening” from “neutral”. The rupee gave up early session gains to hit a low of 96.8450 per dollar, close to its record low of 96.96 hit on May 20, before endi...
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