Gold Silver Reports – Rupee pared declines from near a record low as traders said state-run lenders sold the greenback on behalf of the Reserve Bank of India.
Rupee
Rupee Depreciation Needed
Gold Silver Reports – Indian central bank Governor Raghuram-Rajan said that a certain amount of depreciation in the rupee is necessary as he works toward bringing down inflation.
Sold Dollars to Stem Rupee Slip
Gold Silver Reports ~ India’s state-owned banks likely sold dollars on behalf of the Reserve Bank of India to prevent the local currency from weakening further, three FX traders told Reuters on Monday.
Rupee Around 65 per Dollar, According to Bank of America
Gold Silver Reports ~ Indian central bank Governor Raghuram Rajan oversaw the biggest jump in currency reserves among major developing nations and he’s not afraid to use them to help the rupee.