The RBI Governor Sanjay Malhotra delivered the first interest rate cut in nearly five years. The RBI MPC reduced the repo rate cut to 6.25% from 6.50%.

RBI had last reduced the repo rate by 40 basis points to 4 per cent in May 2020 to help the economy tide over the crisis following the outbreak of the Covid pandemic and subsequent lockdown.

RBI Governor Malhotra also spoke about the falling levels of rupee. He said that the RBI doesn't target any specific levels or band and it only intervenes to stem excessive volatility.