RBI might buy Dollars to limit the influence on Rupee Liquidity
According to the Reuters, the rupee strengthened to a more than five-week high on Monday. Today morning by 9, the convertible value of rupee was 60.25 per dollar which is the strongest since July 31. On Friday evening, the value of rupee per dollar has increased after U.S. monthly jobs data was found weaker than expected.
The Reserve Bank of India might buy dollars through state-run banks to prevent further appreciation in its value. The banks run by States started buying dollars aggressively when the rupee reached its strongest in a five-week period. The RBI wants to control the impact on rupee liquidity and is likely to interfere in the forwards market.
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