The rupee opened stronger on Wednesday on expectations for continued foreign fund inflows after the Reserve Bank of India (RBI) signalled a shift in its policy to support growth.
The RBI cut the cash reserve ratio by 50 basis points on Tuesday to ease tight liquidity, but held key rates steady as core inflation remains stubbornly high.
RBI Governor Duvvuri Subbarao said financial markets should not be under the impression that recent administrative steps that authorities have taken to curb speculation in foreign exchange are temporary.
At 9 am, the rupee opened at 50.00 to the dollar, firmer than 50.07/08 at close on Tuesday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app