The Indian rupee was barreling toward a second-straight month of advances against the world's reserve currency on Thursday, prompted higher on the last day of October by the decision by the U.S. Federal Reserve to leave its economy-spurring asset purchasing intact, Bloomberg reports.
Following two days of policy meetings that adjourned on Wednesday, the U.S. Federal Reserve decided to leave its stimulus program unchanged. Two officials with the Reserve Bank of India said the financial institution is in a position to climb from offering concessional swaps in exchange for greenbacks.
The central bank of India boosted the repurchase rate from 7.5 percent to 7.75 percent earlier this week as part of an effort to confront challenges posed by inflation. But the central bank also slashed projections for growth and development through March of next year to 5 percent, pulled down from 5.5 percent.
Though the rupee fell about 0.1 percent against the greenback on Thursday, its gains in October against its rival about to roughly 2.1 percent.
The rupee's slight slippage on the final day of the month is correlated with importers' rising demand for the greenback, according to The Economic Times.
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