Rupee continues recovery in noon trade on RBI moves

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The rupee continued to gain ground against the US Dollar and was trading at 66.03 in noon trade, a gain of 103 paise over its previous close.

RBI Governor, Raghuram Rajan announced a host of measures to cheer the forex and the banking sector.

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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