Arab Today, arab today india announces new steps to support rupee
Last Updated : GMT 07:25:21
Arab Today, arab today
Arab Today, arab today

India announces new steps to support rupee

Arab Today, arab today

Arab Today, arab today India announces new steps to support rupee

Mumbai - AFP

India\'s central bank announced fresh measures Thursday to reduce volatility in the forex market and aid the ailing rupee which hit a new record low against the dollar this week. The Reserve Bank of India (RBI) said it would auction 220 billion rupees ($3.6 billion) worth of government cash management bills once a week every Monday, in a move to suck out cash from the financial system. The RBI said in a statement that the sale of the bills, which typically mature in 91 days, would help in \"effective liquidity management\", but it did not specify for how many weeks the sales would go on. The measures are the latest by the RBI to bolster the rupee, which hit a new lifetime low of 61.80 to the greenback on Tuesday. The rupee is among the worst performing currencies in Asia this year. The rupee on Thursday closed at 60.88 to the dollar. Economists welcomed the measures but said the government needed to introduce new pro-market reforms to boost the sluggish economy. \"(Thursday\'s) measures are an effort to siphon off excess liquidity from the system and will help the rupee,\" said Shubhada Rao, chief economist with private Yes Bank. \"But liquidity tightening measures are not enough. Growth will have to become a priority,\" she told AFP. India this week named former International Monetary Fund chief economist Raghuram Rajan as its next central bank governor as it grapples with the plunging currency and decade-low growth of 5.0 percent. The RBI last month announced steps to bolster the rupee, including raising short-term interest rates and lowering the amount a bank can borrow or lend under its daily liquidity limit. The depreciating rupee causes inflation by raising the cost of everything India imports from crude oil to chemicals and pulses. The rupee has been battered in recent months, shedding as much as 12.83 percent in 2013, amid slackening domestic growth, rising overseas fund outflows, weak exports and a high current account deficit. India last Thursday relaxed foreign investment rules in the massive retail and other sectors in new reforms aimed at drawing funds from overseas. Similar reforms were announced in September last year.

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 announces new steps to support rupee Arab Today, arab today india announces new steps to support rupee

 



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 announces new steps to support rupee Arab Today, arab today india announces new steps to support rupee

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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