At its monetary policy meeting held today, the Reserve Bank of India (RBI), the Indian central bank, unexpectedly slashed the benchmark interest rates and switched its stance to “neutral” from “calibrated tightening” in an effort to boost the economic growth amid falling inflationary pressures.
Key Details (via Reuters):
“The monetary policy committee (MPC) cut the repo rate by 25 basis points to 6.25 percent, as predicted by only 21 of 65 analysts polled by Reuters. Most polled respondents had expected the central bank to only change the stance, to neutral.
Four of six members of the MPC voted to cut the rates, while all six members voted for a change in the stance.”
On the surprise rate cut announcement, the Rupee rallied nearly 40 pips to 71.38 highs versus the US dollar, knocking-off the USD/INR pair to fresh four-day lows.
USD/INR Technical Levels
Overview:
Today Last Price: 71.425
Today Daily change %: -0.22%
Today Daily Open: 71.58
Trends:
Daily SMA20: 71.1083
Daily SMA50: 70.7616
Daily SMA100: 71.7746
Daily SMA200: 70.352
Levels:
Previous Daily High: 71.78
Previous Daily Low: 71.475
Previous Weekly High: 71.64
Previous Weekly Low: 70.82
Previous Monthly High: 71.64
Previous Monthly Low: 69.185
Daily Fibonacci 38.2%: 71.6635
Daily Fibonacci 61.8%: 71.5915
Daily Pivot Point S1: 71.4433
Daily Pivot Point S2: 71.3067
Daily Pivot Point S3: 71.1383
Daily Pivot Point R1: 71.7483
Daily Pivot Point R2: 71.9167
Daily Pivot Point R3: 72.0533
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