Rupee maintains stability vs dollar
The national currency was able to maintain stability against the American currency in the interbank market, dealers said on Wednesday.
The dollar initiated the day’s trading at Rs 80.59 for buying, did not witness any change and closed at the same rate of Rs 80.59 for buying and Rs 80.64 for selling. However, the European single currency recorded a loss of 43 paisas against the rupee during the day. The euro started the day’s trading at Rs 104.66 for buying and after depreciating was changing hands at Rs 104.23 for buying and Rs 104.43 for selling during the day’s trading. Similarly, the pound sterling also shed grounds against the national currency, as the rupee incurred a gain of 41 paisas. The British currency commenced the day’s trading at Rs 117.57 for buying, lost strength and closed at Rs 117.16 for buying and Rs 117.36 for selling.
Open market: The rupee managed to remain unchanged against the dollar, dealers said.
The American currency started the day’s trading at Rs 80.50 for buying, did not witness any change and closed at Rs 80.50 for buying and Rs 80.90 for selling.
The European single currency also remained stable against the rupee. The euro started the day’s trading at Rs 103.50 for buying, did not show any change and closed at the same rate of Rs 103.50 for buying and Rs 105.50 for selling. However, the British currency gained grounds against the rupee as the pound sterling started the day’s trading at Rs 116.50 for buying, appreciated and was changing hands at Rs 117.20 for buying and Rs 119.20 for selling during the day’s trading. Therefore, the national currency recorded a loss of 70 paisas. staff report
Forex reserves at $252 bn in end-March
India’s foreign exchange reserves stood at USD 252 billion as of end-March, declining by USD 57.7 billion over the previous year, billion over the previous year, the Reserve Bank said on Monday.
The RBI said in its Macroeconomic and Monetary Developments in 2008-09 said, the overall approach to the management of India’s foreign exchange reserves in recent years reflects the changing composition of the balance of payments and the ‘liquidity risks’ associated with different types of flows and other requirements.
Taking these factors into account, India’s foreign exchange reserves continued to be at a level consistent with the rate of growth, the size of the external sector in the economy and the size of risk-adjusted capital flows,” RBI said.
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