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RBI Steps up Interventions to Prevent Rupee Gains

Rupee had gained for seven straight sessions to Tuesday on large dollar inflows into equity and debt markets.

Published: 25th March 2015 12:24 PM  |   Last Updated: 25th March 2015 12:26 PM   |  A+A-

rbi

** Indian rupee has gained substantially since hitting a two-month low of 63.0025 on March 13.

** That has forced heavy intervention from RBI, capping what could have been broader gains - traders.

** Expectation Fed will remain cautious on rate hikes benefiting rupee.

** Rupee had gained for seven straight sessions to Tuesday on large dollar inflows into equity and debt markets.

** It had gained around 1 percent vs USD during this phase.

** Unit is broadly seen holding in a 61.50 to 63.00 range in near term.

** "There are huge flows but RBI is there like a rock. They can't depreciate the currency, all they can do is stop it from appreciating by buying dollars to support exports," says head of foreign exchange trading at large private bank.


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