RBI cuts rates by 35 bps, a bigger-than-expected cut (USD/INR stays below 71.00)

The Reserve Bank of India (RBI) cut its benchmark interest rate, Repo rate, by an unconventional 35 basis points on Wednesday, its fourth cut in 2019.

Key Details:

The repo rate was cut to 5.40%.

The reverse repo rate was reduced to 5.15%.