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August 23, 1999 |
RBI measures help rupee to recover to Rs 43.50 Vs US $
The Indian rupee staged a smart rally today and closed about seven paise higher against the greenback as a result of the measures announced by the Reserve Bank of India to reduce the temporary demand-supply gaps in the interbank foreign exchange market. The rupee opened higher at Rs 43.53/56, which happened to be the day's low, further rose to Rs 43.4850/4950 in the morning after the announcement of the RBI's new measures which include the arrangement to meet fully or partially the forex requirements for crude oil import and direct payment of government debt service, as well as to sell dollars directly or indiretly in case of any temporary demand-supply gap. |
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