India, Oct. 7 -- The Indian rupee weakened against the U.S. dollar in the European session on Wednesday, after the Reserve Bank of India raised its benchmark interest rates by 25 basis points and changed its monetary policy stance to calibrated tightening.
The Monetary Policy Committee, governed by Sanjay Malhotra, unanimously decided to hike the policy repo rate to 5.50 percent from 5.25 percent. This was the first hike in nearly four years.
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