The stock market opened higher on Thursday after the Reserve Bank of India decided to keep the key benchmark policy rate at 6.5 per cent. After the Reserve Bank of India (RBI) surprisingly maintained the repo rate unchanged, the Indian rupee fell against the US dollar. Before the RBI policy statement, the rupee hit an intraday low of 81.88 against the US dollar.
Markets were surprised by the central bank's decision to maintain the benchmark policy rate at 6.50%. 49 out of 62 economists predicted that the RBI would increase its repo rate by 25 basis points to a record-high 6.75 per cent. This was the 5th consecutive day in Sensex, Nifty when the stock market saw an increase.
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