LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

How mere PM Modi Sunday meeting plan rescued Indian rupee

Expectations of an economic package following the news of Prime Minister Narendra Modi’s plans of holding a review meeting on the economy and the currency on Sunday saw the rupee surging 83 paise to 71.86 per dollar in late afternoon trade - one of the strongest rallies in nearly 18 months.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
How mere PM Modi Sunday meeting plan rescued Indian rupee
Forex traders said Reserve Bank of India (RBI) was also present in the market, selling close to $1-1.5 billion that helped the rupee shave off losses. Image source: DNA
Written By: DNA Money Correspondent
Updated: Thu, Sep 13, 2018
10:08 am
ZeeBiz WebDesk
RELATED NEWS
NPA of Public Sector Banks expected to be decline to 9 per cent in 2020 NPA of Public Sector Banks expected to be decline to 9 per cent in 2020
RBI sends warning! Says failure of large HFCs, NBFCs can cause higher losses than even banks RBI sends warning! Says failure of large HFCs, NBFCs can cause higher losses than even banks
RBI seeks modification of NCLAT order in ILFS case RBI seeks modification of NCLAT order in ILFS case
RBI panel on MSME seeks public views on various aspects RBI panel on MSME seeks public views on various aspects
Warning from ex-RBI governor Raghuram Rajan - 'Capitalism is under serious threat' Warning from ex-RBI governor Raghuram Rajan - 'Capitalism is under serious threat'

Expectations of an economic package following the news of Prime Minister Narendra Modi’s plans of holding a review meeting on the economy and the currency on Sunday saw the rupee surging 83 paise to 71.86 per dollar in late afternoon trade - one of the strongest rallies in nearly 18 months.

Forex traders said Reserve Bank of India (RBI) was also present in the market, selling close to $1-1.5 billion that helped the rupee shave off losses.

The unit ended a hectic day of trading, rebounding 51 paise at 72.18, after crashing to a lifetime low of 72.91 in early trade. During the day it ranged between Rs 71.86 and Rs 72.91.

After the rupee began to gain ground, Union economic affairs secretary Subhash Chandra Garg also tweeted to say that government and RBI are on the job to protect the rupee.

“Government and RBI will do everything to ensure that rupee does not slide to unreasonable levels. Today’s correction seems to reflect that realisation,” Garg tweeted. He said there was “no fundamental rationale” for the rupee to depreciate to levels seen till Tuesday. “It reflected an over-reaction of market operators,” Garg said on Wednesday.

“The intervention was to the tune of $1-1.5 billion, but that is only a drop in the ocean in a market where the average daily trading volume is $20 billion.

The news that that government would meet for an economic package for the currency rescued the rupee from further losses,” a forex trader with a bank said.

“We still hold on to the view that a strong intervention by RBI would strengthen the rupee. The rebound was after intervention from RBI followed up by the plans of the government to hold review meetings on the currency and economy. So the market is expecting some action so the rupee strengthened. The government did some verbal intervention and RBI did its bit, both of which helped the currency,” said M S Gopikrishnan, head, financial markets, Standard Chartered Bank.

Another forex trader with a foreign bank said, “RBI has left all the talking to the government while it sits mum, intervening feebly in the market. If no concrete measures are taken on Sunday, it will take no time for the rupee to depreciate sharply.”

Source: DNA Money

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Reserve Bank of India (RBI)
RELATED NEWS
NPA of Public Sector Banks expected to be decline to 9 per cent in 2020 NPA of Public Sector Banks expected to be decline to 9 per cent in 2020
RBI sends warning! Says failure of large HFCs, NBFCs can cause higher losses than even banks RBI sends warning! Says failure of large HFCs, NBFCs can cause higher losses than even banks
RBI seeks modification of NCLAT order in ILFS case RBI seeks modification of NCLAT order in ILFS case
RBI panel on MSME seeks public views on various aspects RBI panel on MSME seeks public views on various aspects
Warning from ex-RBI governor Raghuram Rajan - 'Capitalism is under serious threat' Warning from ex-RBI governor Raghuram Rajan - 'Capitalism is under serious threat'

LATEST NEWS

Sushmita Sen begins filming for 'Aarya 2' in Jaipur

Yes Bank Share price I Anand Rathi maintains Sell rating with price target of Rs 14

Insurance alert! Big decision by Modi government to facilitate resolution of complaints - All you need to know

Army widow to get pension after 12-year legal battle

Heranba IPO Allotment Status: Finalised! Didn't get shares? Waiting for refund? Know this important date

NEET 2021 exam date latest news: Candidates check this big update

SBI account holder? Don't do this, or you will lose money; Bank issues WARNING - check 3 top tips

Mid-cap Picks with Anil Singhvi: Want big gains? 3 stocks to buy - Aarti Drugs, IRB Infra and Dalmia Bharat Sugar

JEE Main 2021 March application form released: See last date for application, exam dates and all other details here!

Patient dies after receiving AstraZeneca vax in S.Korea

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved