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Rupee breaches 56 Mark vs US Dollar

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TNI Bureau: Indian Rupee crossed 56 mark against US dollar on Monday after the Reserve Bank of India kept its Repo rate and CRR unchanged at its mid-quarter monetary policy review.

The policy affected the rupee falling it to a day low of 55.85 against dollar. Indian domestic currency had opened slightly higher at 55.34 compared with Friday’s close (55.39) on hopes of a 25 basis points rate cut in policy rates.

At 4:19 pm on Monday, it traded further lower at 55.96 to the dollar, down 1.03 per cent from Friday’s close of 55.39/$.

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