Indian rupee has weakened on Tuesday against US dollar. Indian currency fell 23 paise or 0.37 percent against dollar to settle at 61.76. Rupee has witnessed a high of 61.56 and a low of 61.83. Its 52-week range was 58.34-63.91.
The Dollar index, a measure of the value of the US dollar relative to a basket of foreign currencies, gained 0.62 percent to settle at 86.12.
India's central bank at its fourth bi-monthly monetary policy review on Tuesday has kept key policy interest rates unchanged. Dr. Raghuram Rajan, Governor, Reserve Bank of India (RBI) has decided to keep repo and reverse repo rate at 8% and 7% respectively.
Meanwhile, cash reserve ratio and statutory liquidity ratio have also unchanged at 4% and 22% respectively. The RBI has decided to reduce the liquidity provided under the export credit refinance (ECR) facility from 32% of eligible export credit outstanding to 15% with effect from Oct 10, 2014.