Rupee upside limited on RBI moves: Credit Agricole

RBI moves will boost supply of foreign currencies in market as exporters will now have to sell, says Credit Agricole.

However, exporters can buy FX only after utilizing all they have sold in their export earners' account, which will reduce demand for foreign currencies, says note. Regulatory changes reflect policy makers' "desperation" after yesterday's record-low close, it says. Continues to believe INR is a good buy, although upside limited due to recent frequent policy changes.