MUMBAI (Reuters) – The Reserve Bank of India said on Wednesday the conversion of exchange earner’s foreign currency (EEFC) account balances into rupees will be applicable to available balances after netting off amounts on account of outstanding forward or option contracts booked before May 10.
On May 10, the RBI had asked exporters to sell half the foreign currency in their accounts, taking further measures to prop up the rupee.
The rupee slumped to a life low of 54.52 to the dollar on Wednesday.
(Reporting by Shamik Paul; Editing by Aradhana Aravindan)
Firstpost encourages open discussion and debate, but please adhere to the rules below, before posting. Comments that are found to be in violation of any one or more of the guidelines will be automatically deleted:
Personal attacks/name calling will not be tolerated. This applies to comments directed at the author, other commenters and other politicians/public figures
Please do not post comments that target a specific community, caste, nationality or religion.
While you do not have to use your real name, any commenters using any Firstpost writer's name will be deleted, and the commenter banned from participating in any future discussions.
Comments will be moderated for abusive and offensive language.