per cent. Kolkata: With the rupee coming under severe pressure due to the meltdown faced. In July, the countrys trade deficit hit a five-year high.02 billion, piling up pressure on the local currency. The six-member monetary policy committee of the Reserve Bank of India on Friday refrained from increasing the repo rate, the short-term lending rate. Forex market didnt like the Reserve Bank of Indias move to keep repo rate unchanged.50 per cent. RBI sold.4 billion in the first quarter of the year as against a cumulative purchase.8 billion in the corresponding quarter last year, Care Ratings said in a research note.
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Foreign exchange dealers said that, rBI was seen selling dollars to prevent the local currency from falling freely. Turkish lira, India's foreign exchange reserves are close to dipping below the 400-billion mark. The outcome was in contrast to an ET poll, where a majority of 25 economists and analysts had expected the otherwise. It has fallen about 26 billion from the record high of 426.082 billion seen on April. The debt and equity markets have seen 941 million inflows in August so far, Care Ratings said. The local currency on Friday hit 74-mark against the dollar for the first time soon after the monetary policy outcome. There is no supply (of dollars) in the market, a senior forex official. Foreign exchange dealers said that RBI was seen selling dollars to prevent the local currency from falling freely. RBI policy spooks forex market, rupee breaches below 74 mark for.