The Reserve Bank of India likely intervened to support the rupee before the open of the local spot market ahead of a closely-watched monetary policy decision on Friday, four traders told Reuters. The rupee was quoting at 87.

The Reserve Bank of India has cut its key interest rate for the first time in nearly five years, as cooling inflation has offered room to stimulate the slowing economy. The central bank forecast real GDP growth for next fiscal year at 6.

The Reserve Bank of India cut its policy rate for the first time in nearly five years as economic growth slows and inflation cools.