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We think the Reserve Bank of India's latest rate cut will reignite pressure on the Indian rupee and drive the USD/INR exchange rate towards 79 over the next three months.
A 40 basis point cut to benchmark rates
In an unscheduled policy announcement today, the Reserve Bank of India ((RBI)) decided to cut the benchmark policy rate by another 40 basis points, bringing the repurchase rate to an all-time low of 4.00% and the reverse repo rate to 3.35%, just shy of the previous low of 3.25% reached during the 2009 global