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Wednesday, February 21, 2001
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India's
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RBI cuts repos rate to 7.5%
Our Banking Bureau
Mumbai, Feb 20: The RBI on Tuesday cut its repos rate by 50 basis points to 7.5 per cent. At its two-day repos auction held on Tuesday, the central bank accepted a single bid for Rs 6,000 crore at 7.5 per cent. The RBI received no bids at the reverse-repos. The last repos-rate cut was executed on October 25 - to eight per cent from 8.25 per cent."The repos-rate cut was widely expected," a dealer with a foreign-owned bank said. A repos-rate cut was seen coming after the RBI on Friday cut the bank rate and the cash reserve ratio by 50 bps each. The CRR cuts will release a cumulative amount of Rs 4,100 crore. The repos rate is now down 750 bps from a high of 15% on August 18. Repos-rates were hiked last year as part of currency support measures after the rupee came under pressure. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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Copyright 2001: Indian Express Newspaper(Bombay) Ltd. All rights reserved throughout the
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