CURRENCY NEWS as on 11-May-2012
Indian rupee jumped nearly 1.5% in early trade against the US dollar on Thursday after RBI took extra-ordinary measures to boost dollar inflows into system, however persistent dollar demand by oil refiners and choppy price action in local shares erased some of its intraday gains.
In a desperate move to restrict rupee’s decline above 54 per dollar, RBI came out with yet another move to induce exporters to sell 50% of their foreign currency holding from EEFC account. Based on the report, this move will inject nearly $2.5-$3 billion into the system.
Indian rupee is likely to start session around 53.30 vs. 53.43 yesterday’s close on possibility of further long unwinding and exporter’s dollar sales after RBI came out with fresh regulation to curb dollar hoarding by exporters in EEFC account.
Indian rupee jumped nearly 1.5% in early trade against the US dollar on Thursday after RBI took extra-ordinary measures to boost dollar inflows into system, however persistent dollar demand by oil refiners and choppy price action in local shares erased some of its intraday gains.
In a desperate move to restrict rupee’s decline above 54 per dollar, RBI came out with yet another move to induce exporters to sell 50% of their foreign currency holding from EEFC account. Based on the report, this move will inject nearly $2.5-$3 billion into the system.
Indian rupee is likely to start session around 53.30 vs. 53.43 yesterday’s close on possibility of further long unwinding and exporter’s dollar sales after RBI came out with fresh regulation to curb dollar hoarding by exporters in EEFC account.
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