The recent measures taken by Reserve Bank of India (RBI) has some effect on stabilising rupee exchange rate against dollar. The central bank took some measures in order to make the domestic currency much costlier.
In recent trading session, rupee-dollar exchange rate is hovering in a 58.80 to 59.20 range. Some sources hinted that foreign banks were seen selling the dollar on the back of RBI’s measures.
Essar Oil was also spotted selling the greenback, two traders said, though the quantum of sale was not known.
Month-end dollar demand from importers particularly oil is expected to keep losses in check, traders informed.
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