| Date: |
05-09-2013 |
| Subject: |
Indian rupee gains 138 paise against dollar to 65.69 on new RBI steps |
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Indian rupee gained 138 paise against US dollar to 65.69 in early trade on new bold steps announced by the new Reserve Bank of India Governor Raghuram Rajan.
On Wednesday, Indian markets staged a smart pullback with the rupee rebounding 56 paise to 67.07 and the Sensex surging 333 points on apparent hopes pegged on Rajan taking over as RBI Governor.
Suspected intervention by the central bank helped the rupee retreat from near record lows and end at 67.07 against the dollar, up 56 paise. The rupee had lost 193 paise in previous two sessions.
The strong show in the markets was a positive sign for Rajan, who took over at the helm of the RBI, which has been combating a currency slump, high inflation, low growth and a widening current account deficit.
Source : indianexpress.com
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