Rupee up 10 paise vs dollar in early trade on RBI measures

MUMBAI: The rupee on Friday recovered by 10 paise to trade at 61.33 against dollar on increased selling of the US currency by banks after RBI announced stern measures to curb forex outflow amid weakening of the US currency overseas. 

Dealers said selling of the American currency by banks and exporters after the RBI announced stern measures on Wednesday to support the rupee and dollar’s weakness against other currencies overseas helped rupee to trade a shade higher. 

The Reserve Bank on Wednesday reduced the limit for overseas direct investment (ODI) by domestic companies, other than oil PSUs, under the automatic route from 400% of net worth to 100% to curb forex outflow. Oil India and ONGC Videsh are exempt from this limitation. 

source:http://timesofindia.indiatimes.com/business/india-business/Rupee-up-10-paise-vs-dollar-in-early-trade-on-RBI-measures/articleshow/21854728.cms

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