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CMP : Rs 52.4
USDINR – 4 hourly chart is shown with 13-13 period Wilders Moving average channel offset trading system. Ruppee Continues with the buy signal since 8th Nov 2011 on the chart with the 4 hourly support coming around Rs. 51.7.
The Reserve Bank of India and the government have taken steps to support the rupee, which has been hit by slowing economic growth, worsening government finances and a widening trade deficit.RBI has intervened multiple times in the FX market over the past months.
OVERSEAS BORROWING BY MICRO LENDERS
December 19: The RBI allowed microfinance institutions to raise up to $10 million during a financial year through external commercial borrowings for permitted end-uses.
DEREGULATION OF INTEREST RATES ON NON-RESIDENT DEPOSITS
December 16: The RBI allowed banks to set interest rates on non-resident external rupee deposits and ordinary non-resident accounts to help attract more capital inflows.
CUTS FX TRADING LIMITS
December 15: Reduced the net overnight open position limit of authorised dealers in the foreign exchange market, lowering the capacity of market participants to take trading positions.
OVERSEAS BORROWING RULES FOR COMPANIES EASED
November 23: Raised the ceiling on interest rates that companies can pay on foreign loans, provided the funds are brought into India immediately.
FOREIGN INVESTMENT LIMITS IN GOVT, CORPORATE DEBT RAISED
November 17: The government increased the ceiling on foreign institutional investment in government and corporate debt by $5 billion each.
