Rupee Strengthens Against Dollar, 10-Year Yield Spikes After Rate Hike

The Indian rupee strengthened against the U.S. dollar on Wednesday as the RBI's monetary policy committee hiked repo rates by 25 basis points to 6.5%.

The local currency opened flat, weakening by 2 paise to 82.72. It had closed at 82.70 on Tuesday.

Intraday, it strengthened as much as 22 paise against the greenback to 82.47, according to Bloomberg data. It closed at 82.49 on Wednesday.

The yield on the 10-year bond also spiked after RBI Governor Shaktikanta Das spoke about the MPC's decisions.