RBI cuts repo rate by 25 basic points
Sources said the move to cut repo rate could bring relief to borrowers. This was the first rate cut from the RBI since 2013 and it is expected to bring down its main lending rate to 7.75 percent from 8 percent earlier.
Reports said following the decision the Sensex surged over 600 points to inch closer to 28,000 marks.
The rupee also jumped by 46 paise to trade at a fresh one-month high of 61.72 against the dollar.
The RBI repo rate cut came just two weeks before its scheduled policy review on February 3.
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