INR

92.710

United States Dollar

The rupee saw sharp gains on Thursday, after Raghuram Rajan announced a sew of measures to prop up the rupee.

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.

The forex markets might remain rangebound today ahead of the US non farm payrolls data that assume significance ahead of the Fed meeting scheduled for Sept 18 and Sept 19. Check currency rates here

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