RBI has intervened again to support rupee from sliding down further.
To curb the slide in the rupee, the Reserve Bank of India has asked exporters to convert 50% of their dollars held in Exchange Earner's Foreign Currency (EEFC) accounts into rupee.
The central bank has also ruled that exporters can henceforth access the forex market for buying dollars only after they have utilized the balance in their EEFC accounts. CNBC-TV-18 has quoted unnamed RBI officials as saying there was roughly USD 5 billion being held in EEFC accounts at present. The RBI rules mean that USD 2.5 billion will have to be converted into rupee. Reacting to the central bank rules, the rupee firmed up to 53.08 to the dollar, compared with yesterday’s close of 53.85.
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