INSUBCONTINENT EXCLUSIVE:
The rupee moved 18 paise higher against the dollar to close at 74.21 on Wednesday
That marked the first rise in the the rupee against the greenback after six consecutive sessions of decline
The mild recovery in the rupee comes on the back of some weakness in the dollar against major currencies overnight and expectation of
improvement in liquidity in the system going forward
Despite Wednesday's rise, the rupee is still down around 16 per cent so far this year.Here are 10 things to know:1
The rupee advanced to an intraday high of 74.05 against the dollar on fresh selling of the greenback by exporters during the session, before
the finance ministry and the central bank are discussing a plan to raise money from non-resident Indians, the agency said citing people
asking not to be named as the information is not public.4
The Reserve Bank of India said it would buy Rs 12,000 crore worth of bonds via an open market operation on October 11.5
market operations (OMOs) this month
The RBI aims to ease liquidity conditions in the market.6
The rupee is expected to stay near recent record lows over the coming year even as the central bank is forecast to raise rates in December
and once more in 2019, according to a poll by news agency Reuters.7
Analysts expect the pressure in the rupee to continue going forward
financial companies, on Tuesday announced its decision to buy their "good assets" to the tune of Rs 45,000 crore
Such a move by the country's largest bank will provide liquidity support to the cash-strapped NBFCs, which have been facing headwinds after
so far this year, tracking a deep selloff in emerging markets driven by a resurgent dollar and the ongoing US-China trade war.
