Rupee opens 4 paise lower at 73.86 per dollar

The dollar rose after the US Federal Reserve shifted its policy framework to place more emphasis on boosting economic growth and less on worries about letting inflation run too high.

August 28, 2020 / 10:22 AM IST

The Indian rupee opened 4 paise lower at 73.86 per dollar on August 28 as the greenback rose against its global peers.

The dollar rose after the US Federal Reserve shifted its policy framework to place more emphasis on boosting economic growth and less on worries about letting inflation run too high, Reuters reported.

The Indian currency had appreciated 48 paise to settle at 73.82 against the US dollar on August 27 after RBI Governor Shaktikanta Das said the central bank had not exhausted its ammunition to deal with the situation arising out of the coronavirus pandemic.

Speaking at a webinar organised by the financial daily Business Standard, Das said rather than becoming averse to lending, banks had to improve their risk management and governance frameworks and also build sufficient resilience.

"Extreme risk aversion can be self-defeating, banks will not be able to win their bread," Das said, amid reports of a slowdown in credit growth in the system.

Close
Indian equity market benchmarks traded with healthy gains in the morning session on August 28. Banking and financial stocks were the top boosts to the Sensex.
Moneycontrol News
TAGS: #Rupee
first published: Aug 28, 2020 10:22 am

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