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    HomeNewsBusinessEconomyExporters need to sell $2.5-3bn after RBI move: Sources

    Exporters need to sell $2.5-3bn after RBI move: Sources

    Exporters will need to convert about USD 2.5-USD 3 billion dollars into rupees from their foreign exchange accounts following the Reserve Bank of India's directive on Thursday.

    May 10, 2012 / 11:45 IST

    Exporters will need to convert about USD 2.5-USD 3 billion dollars into rupees from their foreign exchange accounts following the Reserve Bank of India's directive on Thursday.


    The RBI asked exporters to convert half of their balances in the exchange earner's foreign currency (EEFC) account to rupees, a measure to prop up the battered rupee.


    "The amount that will come into the market is not too large. But it is important that exporters follow the letter and spirit of the facilities given in the EEFC account and not keep buying dollars from the market despite having dollars in these accounts," said a senior RBI official.

    first published: May 10, 2012 11:12 am

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