RBI artillery steers Re up 63p to 1-month high of 59.13 per $
25 July 2013 10:43 PM GMT
Boosted by the Reserve Banks of India's fresh steps to curb exchange rate volatility, the rupee on Wednesday bounced back sharply by 63 paise to close at a one-month high of 59.13 against the dollar.
Rupee opened strong at 59.49 a dollar from the previous close of 59.76 at the Forex Market and then touched a low of 59.59. Later, it rebounded to a high of 59.01 before closing at 59.13, a rise of 63 paise or 1.05 per cent.
The Reserve Bank of India on Tuesday announced more measures to squeeze liquidity from the banking system. It limited access to borrowed funds by reducing the liquidity adjustment facility for each bank from to 0.5 per cent of net demand and time liabilities from 1 per cent.
Rupee opened strong at 59.49 a dollar from the previous close of 59.76 at the Forex Market and then touched a low of 59.59. Later, it rebounded to a high of 59.01 before closing at 59.13, a rise of 63 paise or 1.05 per cent.
The Reserve Bank of India on Tuesday announced more measures to squeeze liquidity from the banking system. It limited access to borrowed funds by reducing the liquidity adjustment facility for each bank from to 0.5 per cent of net demand and time liabilities from 1 per cent.
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