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Rupee Rises To 2-Week High of 59.56 Vs Dollar

The Indian rupee hit a low of 59.32 against the US dollar this week. The RBI took measures to curb the rupee's decline such as banning banks from trading rupee options and futures and increasing margin requirements. The rupee also declined against the British pound but later rose to a two-week high of 59.56 against the dollar as exporters sold dollars and domestic stock markets rallied. India's foreign exchange reserves have shrunk by $10.5 billion in the last three weeks as the rupee has weakened nearly 11% against the dollar.

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13 views

Rupee Rises To 2-Week High of 59.56 Vs Dollar

The Indian rupee hit a low of 59.32 against the US dollar this week. The RBI took measures to curb the rupee's decline such as banning banks from trading rupee options and futures and increasing margin requirements. The rupee also declined against the British pound but later rose to a two-week high of 59.56 against the dollar as exporters sold dollars and domestic stock markets rallied. India's foreign exchange reserves have shrunk by $10.5 billion in the last three weeks as the rupee has weakened nearly 11% against the dollar.

Uploaded by

nishantjain95
Copyright
© Attribution Non-Commercial (BY-NC)
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Download as DOCX, PDF, TXT or read online on Scribd
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The US Dollar to Rupee Exchange Rate is hit a low of 59.

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this week the RBI attempted to curb the Rupees decline by banning banks from proprietary trading in Rupee options and futures, sebi doubled the margin requirement on the domestic USD/INR forward trade. the RBI requested that state-run oil companies buy Dollars from a single bank.in order to limit the number of people who knew that oil companies were seeking the Greenback, and so reduce Rupee volatility. The Rupee declined against the Pound today as the British currency benefited from speculation that recent declines have been overdone.

Rupee rises to 2-week high of 59.56 vs dollar


The rupee today appreciated by 11 paise to close at a two-week high of 59.56 against the dollar on fagend sales of the US currency by exporters amid a strong rally in local equities. At the Interbank Foreign Exchange market, the rupee opened lower at 59.79 from the previous close of 59.67 and dropped further to 60.17 on dollar demand from importers, mainly oil refiners A recovery in the dollar index overseas after US Federal Reserve Chairman Ben Bernanke's comments on continuing the monetary stimulus also weighed in on the rupee. The dollar index was up 0.40 per cent against a basket of six other major currencies the rupee later bounced back to a high of 59.55 as domestic shares climbed, before settling at 59.56, a rise of 11 paise or 0.18 per cent.

Rupee fall: India's forex reserves shrink $10.5 billion in last three weeks
Yellow metal lost its shine by more than 27% this year at COMEX but the fall was less than 16% in the domestic market mainly on back of depreciating local currency against the dollar, where INR has lost strength by close to 11% against the USD Recent fall in gold prices was exacerbated amid expectations that U.S Federal Reserve would end its bond buying

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