India, April 9 -- The Indian rupee weakened against the U.S. dollar in the European session on Wednesday, after the Reserve Bank of India reduced its key policy rates for the second straight meeting and also changed its monetary policy stance to accommodative.
At the first policy meeting of the financial year, the committee governed by Sanjay Malhotra unanimously decided to cut the policy repo rate by 25 basis points to 6.00 percent, with immediate effect.
The bank had previously cut its policy rate by 25 basis points in February, which was the first reduction since May 2020.
The RBI downgraded India's economic growth outlook for FY25-26 to 6.5 percent from 6.7 percent. Likewise, inflation projection for the current financial year was lo...