Arab Today, arab today india rupee gains against dollar after bank measure
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

India rupee gains against dollar after bank measure

Arab Today, arab today

Arab Today, arab today India rupee gains against dollar after bank measure

Mumbai - AFP

India\'s rupee gained against the dollar on Thursday, coming off its record low struck the day before, after the central bank announced yet another measure to try to stabilise the currency. The battered rupee -- which has lost nearly nine percent in the past week -- strengthened to 66.88 to the dollar, pulling back 2.8 percent, from a record closing low of 68.80 on Wednesday. The rupee plunged 3.86 percent on Wednesday, its biggest one-day fall in nearly two decades. Indian shares opened 0.61 percent up at 18,106.29 points on Thursday. The Reserve Bank of India (RBI) announced late Wednesday that it will provide dollars directly to oil companies, through a separate bank, a move aimed at easing sharp volatility in the forex market. State-run oil firms are the main buyers of dollars in the market and providing a separate window for them is an attempt at reducing pressure on the rupee, analysts said. The measures are the latest undertaken by the RBI in recent months to try to halt the fall of the rupee, Asia\'s worst-performing currency this year, which has lost around a fifth of its value against the dollar since the start of 2013. India\'s rupee crashed on Wednesday on worries about a US-led military strike against Syria and surging crude oil prices fanned fears of a financial crisis. Analysts fear the sharp rise in global crude oil prices will worsen energy-import dependent India\'s already record current account deficit -- the broadest measure of trade. The deficit hit a record $88 billion last year but the government has said it will cut it to $70 billion this year. Other emerging market currencies, like the rupee, have been hit by foreign fund outflows, with the Federal Reserve expected to wind down its stimulus scheme as the US economy recovers. The rupee\'s woes have heightened economic challenges which the government faces -- failure to move fast enough on economic reform, decade-low economic growth, a string of government graft scandals, perceptions of policy paralysis and the current account deficit, analysts say.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india rupee gains against dollar after bank measure Arab Today, arab today india rupee gains against dollar after bank measure

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india rupee gains against dollar after bank measure Arab Today, arab today india rupee gains against dollar after bank measure

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday