India, June 6 -- The rupee recovered from early losses to end 11 paise higher at 85.68 (provisional) against the US dollar on Friday, following the Reserve Bank of India's unexpected 50 basis points repo rate cut aimed at supporting economic growth.
Forex traders noted that the rupee traded in a flat-to-positive range, buoyed by the RBI's surprise move and the additional liquidity support from a phased 100 basis points CRR cut, which is expected to reduce borrowing costs and stimulate growth.
A strong performance in domestic equity markets, with both benchmark indices rising over 1%, also helped support the rupee at lower levels.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....