Owing to a slew of measures taken by Reserve Bank of India (RBI) and SEBI and also because of improvement in foreign capital inflows, Indian rupee is strengthening marginally against dollar.
After depreciating to a record low of 61.21 some days ago, the Indian rupee strengthened to 59.65 against the dollar, the most since June 28.
The recent strengthening of rupee is also helped by the sale of dollar by banks and exporters, reports indicate.
In order to curb volatility in rupee exchange rate, RBI took several steps, which include asking state-owned oil companies to purchase their dollar requirements from a single public sector bank.
Further, the central bank also took steps to curb speculation in the currency derivatives market by prohibiting banks from taking proprietary position in the currency futures.
The recent steps taken by the central bank and a recovery in the euro have helped the rupee to post gains against the US dollar.
The measures taken by the regulators helped the rupee and narrowed the difference between spot and future rates, reports indicate.
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