Rupee boosted by potential RBI intervention
NEWS
In an address to banks, Rakesh Mohan, Reserve Bank of India’s (RBI) deputy governor, said: "We have to be concerned about exchange rate instability and volatility. Volatility or instability is bad, at least from RBI’s point of view."
For a short time last Wednesday, this halted the steady downward trajectory of the Indian unit. After Mohan’s comments, the rupee gained briefly to 44.1850 against the US dollar, after opening the day at 44.1950 before returning to a day close of 44.2875. This has
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