In an attempt to resurrect the practice of drawing dollars from NRIs, foreign banks will provide upfront financing for wealthy NRIs and attract them to place bulky dollar deposits.
The rupee was expected to start on the back foot today because of the dollar strength versus emerging market currencies, but nobody was quite prepared for this kind of a fall in the rupee. RBI steps are not working as the rupee hit fresh lows and maybe now the market is tightening its belt for more tightening
Moses Harding of IndusInd speaks to CNBC-TV18 that the rupee was depreciating due to dollar strengthening and weak global equity. He added that the crude oil prices pushing beyond USD 100/barrel is fuelling the fall.
The Indian rupee was trading at 56.22/23 per dollar; its weakest since July 25, 2012. Dealers believe appreciation of American dollar and weak opening in domestic equity market have put pressure on the rupee.