The measure is another step to help boost dollar inflows and protect a weakening rupee.
The rupee, which ended at 55.42/43 to the dollar on Friday, has recovered since hitting a string of record lows last month. It dropped to an all-time low of 56.52 to the dollar on May 31.
The rupee weakened on Friday on worsening global risk sentiment, but posted its first weekly gain against the dollar in more than two months as the local currency recovers from oversold conditions.
The rupee has recovered since hitting last month a string of record lows, with the latest hit on May 31 when it dropped to 56.52 to the dollar, marking what so far has been a near-term bottom for the local currency.
Traders are becoming a little less pessimistic, with a Reuters poll showing bearish bets on the rupee fell after hitting a six-month high in May.
Widespread expectations the Reserve Bank of India will cut interest rates on June 18 are helping spark some hope for the faltering domestic economy, though the rupee will likely remain beholden to global risk factors in the near-term.
The rupee still snapped a nine-week losing streak that had marked its longest losing run since the global financial crisis in 2008.
On Friday, the rupee suffered from falls in global risk assets on the back of the lack of clarity on potential U.S. monetary stimulus, worries China will post weak data on Saturday, and concerns about Spanish banking woes.
acm awards 2012 january jones ncaa final game miranda lambert reba mcentire acm awards luke bryan
No comments:
Post a Comment