Value of Indian rupee increases because of the announcement made by RBI
Posted on: 29/Aug/2013 3:58:46 PM
For the last few months, the value of rupee against US Dollar was plunging down. Especially this month, the rupee value was severely going down. Last evening it touched Rs 68.80 against the Dollar creating a chaos. At this point of time the Reserve Bank of India announced on Wednesday a special window "with immediate effect" to sell US dollars through a designated bank to Indian Oil Corp, Hindustan Petroleum Corp, and Bharat Petroleum Corp "until further notice".
The RBI last opened such a window during the 2008 global financial crisis, although it had been widely expected to re-implement the measures after last month telling oil companies to buy US dollars from a single bank.
This announcement had a great impact in the market today. The rupee value escalated by 170 paise and was Rs 67.10 and later on it was found stable at Rs 67.35.Because of this, there is good improvement in the Sensex.
