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India takes more steps to support rupee

Posted on 09 August 2013

India’s central bank Thursday announced fresh steps to drain cash from the banking system, as it stepped up efforts to stop the rupee currency’s plunge. The Reserve Bank of India said it would sell 220 billion rupees ($3.6 billion) of short-term cash management bills every week on Mondays. Next week, it will sell 110 billion rupees each of 35-day and 34-day bills.
The move comes after the rupee Tuesday fell to a new low of 61.80 to the dollar, erasing the previous low of 61.21 set on July 8. Thursday, the rupee was trading at 60.88 and is down nearly 12% against the U.S. currency since early May………………………………………..Full Article: Source


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