On Thursday Commodity Market Expert Report, the rupee fell by 14 paise to 69.68 against the dollar. The Reserve Bank of India (RBI) on Wednesday said that through the foreign exchange regime, it will put a capital of $ 5 billion in the banking system. The process of capitalization of banks will last for a long period ie 3 years.
Rupee has closed in the third session strongly against the dollar on Wednesday. Rupee recovers 17 paise against dollar, closes at two-month high of 69.54
According to Rudra Investment Financial Services, Commodity Market Expert the rupee is expected to weaken ahead of RBI announcement. The brokerage says that the currency swap can have a negative impact on the rupee. Rbi has told banks to continue supplying funds for long periods. Today the exchange rate of dollar and rupee is expected to be in the range of 69.50 and 70.20.
The RBI is planning to conduct auction-of-sale auction on March 26. It will also be reflected on RBI's foreign currency reserves. This move will prevent huge fluctuations in domestic currency.
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