RBI hikes interest rate: Rupee climb 8 paise to close at 76.40 against USD

Rupee Vs Dollar: Following the RBI's surprise rate hike ahead of the US Federal Reserve's policy announcement, the Indian rupee gained 8 paise to settle at 76.40 against the US dollar on Wednesday.

The local currency opened at 76.46 against the US dollar on the interbank exchange market. During the session, it fluctuated between 76.17 and 76.58. The rupee finally ended the day at 76.40, up 8 paise from its previous finish.

Following an unplanned MPC meeting on Wednesday, the RBI raised the benchmark lending rate by 40 basis points (bps) to 4.40 percent in order to keep inflation under control, which has stayed stubbornly over the objective of 6% for the past three months.

To suck out Rs.87,000 crore of liquidity from the banking system, the Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta Das increased the level of deposits banks are required to retain as cash reserve by 50 basis points to 4.5 percent.
The dollar index, which measures the strength of the greenback against a basket of six currencies, was 0.01 percent lower at 103.45.

The global oil benchmark, Brent crude futures, rose 3.43 percent to USD 108.57 per barrel.

The 30-share BSE Sensex down 1,306.96 points, or 2.29 percent, to 55,669.03, while the wider NSE Nifty fell 391.50 points, or 2.29 percent, to 16,677.60. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs.1,853.46 crore.

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