Indian rupee strengthened against the dollar on Wednesday after Reserve Bank of India (RBI) has increased the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points to 6.25 per cent with immediate effect. Consequently, the standing deposit facility (SDF) rate stands adjusted to 6.00 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 per cent. Besides, RBI Governor said it decided to add a new feature in its Unified Payments Interface (UPI) platform where the delivery of service or goods happens later such as e-commerce purchases, hotel bookings or investments in equities. Through the 'single-block-and-multiple debits' feature on the UPI platform, the RBI Governor said that customers will have more trust while carrying out such transactions. On the global front, dollar was little changed on Wednesday after some of the biggest U.S. banks warned of an impending recession, while China's yuan firmed as authorities loosened some of the country's zero-COVID rules.
Finally, the rupee ended at 82.47 (Provisional), stronger by 3 paise from its previous close of 82.50 on Tuesday. The currency touched a high and low of 82.75 and 82.40 respectively.
