The rupee bounced back on Tuesday (May 22, 2012), retreating sharply from record closing lows hit on Monday (May 21, 2012), following steps taken by the RBI late on Monday to curb arbitrage and comments from a deputy RBI governor.
The Reserve Bank of India's Subir Gokarn said the central bank will continue to take steps to stabilise the rupee and said it expected dollar flows from exporters on Tuesday and Wednesday to convert half of their exporter earnings into the rupee.
At 9.02 am, the partially convertible rupee was at 54.72/73 per dollar, after having opened at 54.60, stronger than its close of 55.03/04 on Monday.
The rupee had hit an all-time record low of 55.05 on Monday.
Traders said improved global risk sentiment was also helping the rupee, but persistent demand from oil companies could limit a very sharp rise.
....more info
The Reserve Bank of India's Subir Gokarn said the central bank will continue to take steps to stabilise the rupee and said it expected dollar flows from exporters on Tuesday and Wednesday to convert half of their exporter earnings into the rupee.
At 9.02 am, the partially convertible rupee was at 54.72/73 per dollar, after having opened at 54.60, stronger than its close of 55.03/04 on Monday.
The rupee had hit an all-time record low of 55.05 on Monday.
Traders said improved global risk sentiment was also helping the rupee, but persistent demand from oil companies could limit a very sharp rise.
....more info