INR Ends The Day At 67.09 – May Be By The Involvement Of The RBI
By Ankit Sharma
Sep 5, 2013
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The Indian Rupee started the day at 68.10 and ended the day at 67.09. During the trade in the market, the INR was swinging in both ways. The INR reached the highest of 66.81 and in the intra-day trading, touched the lowest of 68.62, which was shocking. However, the Indian banks sold the green currency, on behalf of the Reserve Bank of India. This helped the INR to recover from the lowest rate. Further, the exporting businessmen also liquidated their cash receipts. Whenever the INR suffers heavily, the Reserve Bank of India takes care, either directly or indirectly. The External Commercial Borrowing by the RBI is also clear now. The Indian investors can invest up to 400% of the net worth of their firms.

Now, residents can remit money for education, up to 100,000 dollars. Previously, the maximum limit was 75,000 United States Dollars. Due to the above factors, the INR slightly recovered and hopefully, would stay at the same level, in coming days.

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