USD/INR closed at 68.8025 against its opening of 68.75.
Dollar under pressure after Fed fuels bets on large rate cut.
Sensex provisionally ends 560 points lower at 38,337, with all but four components in the red.
ECB to cut rates in September, QE 2.0 still on the cards - analyst poll.
U.S. sanctions network selling materials for Iran nuclear programme.
North Korea says nuclear talks at risk if U.S.-South Korea exercises go ahead.
South Korea's central bank surprises with rate cut as Japan row adds to risks.
U.S., Japan eye possible small trade deal by September: sources.
Japan's core inflation hits 2-year low, might push BOJ to ease again soon.
Iran ready to talk if U.S. lifts sanctions, Pompeo skeptical.
Japan trade minister blasts South Korea for 'mistaken' explanation after bilateral meeting.
Oil jumps, Brent up more than 2% after U.S. Navy downs Iranian drone.
China makes biggest U.S. sorghum purchase since April as trade talks resume.
Trump administration erects another barrier to immigrants seeking U.S. asylum.
Worried UK employees call for changes to proposed immigration reform.
China to tighten restrictions on scrap metal imports.
Gold inches down as strong U.S. retail sales lift dollar.
Asia stocks firm as Fed props up rate cut expectations.
Chance of no-deal Brexit rises as Johnson leads Hunt - poll.
Monetary and Liquidity Measures
On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to:
reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.75 per cent to 6.5 per cent;
reduce the minimum daily maintenance of the cash reserve ratio (CRR) from 95 per cent of the requirement to 90 per cent with effect from the fortnight beginning April 16, 2016, while keeping the CRR unchanged at 4.0 per cent of net demand and time liabilities (NDTL);
continue to provide liquidity as required but progressively lower the average ex ante liquidity deficit in the system from one per cent of NDTL to a position closer to neutrality; and
narrow the policy rate corridor from +/-100 basis points (bps) to +/- 50 bps by reducing the MSF rate by 75 basis points and increasing the reverse repo rate by 25 basis points, with a view to ensuring finer alignment of the weighted average call rate (WACR) with the repo rate;
Consequently, the reverse repo rate under the LAF stands adjusted to 6.0 per cent, and the marginal standing facility (MSF) rate to 7.0 per cent. The Bank Rate which is aligned to the MSF rate also stands adjusted to 7.0 per cent.
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