India, June 19 -- The Swiss franc strengthened against other major currencies in the European session on Thursday, despite the Swiss National Bank reduced its policy rate by a quarter-point, citing easing inflationary pressures.
The bank decided to lower the SNB policy rate by 0.25 percentage points to zero percent. This was the sixth consecutive reduction.
Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold remained unchanged at 0.25 percentage points.
"Inflationary pressure has decreased compared to the previous quarter," the bank said. "With today's easing of monetary policy, the SNB is countering the lower inflationary pressur...