The Indian rupee appreciated for the
second straight session and ended nine paise higher
at 60.84 against the US dollar on Tuesday on the back of rising local stock market and sustained
dollar selling by exporters. A firm dollar overseas ahead of service-sector and
factory-order data restricted the rise to some extent, a forex dealer said.
The
Reserve Bank of India (RBI) on Tuesday maintained its key rate as it is but
slashed statutory liquidity ratio (SLR) by 0.5 per cent to 22 per cent to
release about Rs 40,000 crore into the financial system. It also reduced the ceiling
of banks total holdings of SLR securities under the held to maturity to 24 per
cent from 24.5 per cent of net demand and time liabilities.
At the
Interbank Foreign Exchange (Forex) market, the domestic currency resumed slightly lower at 60.95 a dollar from previous close of
60.93. It moved down further to a low of 61.00 on initial hesitancy in local equities.
Source : The Hindu
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