Rupee opens strong as markets cheer Rajan's moves

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 Rupee opens strong as markets cheer Rajan's moves
The rupee opened the day strong as new RBI Governor, Raghuram Rajan announced a host of measures to cheer the forex and the banking sector.

The rupee was last trading at 65.95, up more then 113 paise over Thursday's close. New RBI Governor, Raghuram Rajan announced a slew of measures on Wednesday including more elbow room for importers and exporters.

In a press conference scheduled late on Wednesday he permitted banks to borrow more in dollars. Banks are now allowed to raise foreign debt to the extent of 100 percent of their tier I capital, as against the 50 per cent currently.

Dealers say that it is a big sentimental boost to the currency markets, though one cannot see anything having been changed fundamentally. They argue that the currency markets would remain volatile ahead of an impending strike on Iran and on fears of QE3 tapering. Check currency rates here

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