Market participants and bankers are expecting more sanity in the forex market as they feel that actual impact of last week's unconventional measures by the Reserve Bank of India (RBI) will be felt more in the coming weeks.
The optimism stems from the reduced volatility in the market since the RBI intervention, though the rupee ended the week beginning Tuesday with a loss of 4 paise at 59.35 to the greenback.
"The worst is over for the rupee as volatility has backed off and clear stability is seen in the market... The rupee has not gone beyond 60 to the dollar (since last Tuesday's RBI measures)," treasury head at FirstRand Bank India, Harihar Krishnamoorthy, said.
However, Navin Raghuvanshi, vice president, treasury, at Development Credit Bank, opined that "the recent measures are just the beginning and some more measures are required to stabilises the rupee".
In a drastic step, RBI last week raised short-term borrowing rates, capped the overall borrowing limit from the repo window for banks and announced sale of bonds via the open market operations to stem the rupee rout, which on July 8 had hit a life-time low of 61.21 to the Greenback...
The optimism stems from the reduced volatility in the market since the RBI intervention, though the rupee ended the week beginning Tuesday with a loss of 4 paise at 59.35 to the greenback.
"The worst is over for the rupee as volatility has backed off and clear stability is seen in the market... The rupee has not gone beyond 60 to the dollar (since last Tuesday's RBI measures)," treasury head at FirstRand Bank India, Harihar Krishnamoorthy, said.
However, Navin Raghuvanshi, vice president, treasury, at Development Credit Bank, opined that "the recent measures are just the beginning and some more measures are required to stabilises the rupee".
In a drastic step, RBI last week raised short-term borrowing rates, capped the overall borrowing limit from the repo window for banks and announced sale of bonds via the open market operations to stem the rupee rout, which on July 8 had hit a life-time low of 61.21 to the Greenback...
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- Unknown Updated at: Monday, July 22, 2013
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