SME Times News Bureau | 13 Jun, 2013
The Indian rupee rebounded to 57.79/80
against a dollar Wednesday, after
hitting a record low of 58.98 in the previous day, on interventions from the
government and the Reserve Bank of India.
The partially convertible rupee closed at 57.79/80 per dollar, 1 percent
stronger compared with 58.39/40 on Tuesday. The unit rose to as high as 57.7250
during the session on the back of the upgrade.
The Indian currency rebounded Wednesday after three consecutive days of steep
fall on intervention from the government and the Reserve Bank of India (RBI).
Planning Commission Deputy Chairman Montek Singh Ahluwalia said the RBI
intervened in the foreign exchange markets Tuesday to curb the rupee's slide.
Chief economic advisor in the finance ministry Raghuram Rajan had said Tuesday
that market regulator Securities and Exchange Board of India (SEBI) and the RBI
would take “warranted” action to control the rupee slide.
"SEBI, RBI and the government are keenly following what is happening and
everybody will act when the time comes," Rajan said at a press conference in
New Delhi.
The rupee had rebounded by 58 paise to close at 58.40 Tuesday from the record
low of 58.98 hit in the intra-day trade.