RBI mostly stayed out to prevent rupee's fall: Jamal Mecklai
In a move to defend the falling rupee, the Reserve Bank of India (RBI) today pushed exporters to convert 50 per cent of their existing foreign currency holdings into rupees. It has also asked banks to restrict their net intraday open positions in order to further stem speculation in the markets. Speaking to NDTV Profit on the rupee, Jamal Mecklai, CEO, Mecklai Financial Services Ltd, said that the dollar is likely to strengthen further against other currencies. "The RBI has mostly stayed out to prevent the rupee’s fall," he added.
