RBI said that foreign banks with complex structures which do not provide adequate disclosure would have to operate in India only through wholly-owned subsidiaries
Losses in other Asian currencies also hurt rupee
Cut-and-dried free market solutions will not help as it will be necessary to understand the historical role of these banks
The rupee was trading at 62.23/24 after hitting a one-week high of 62.15
However, month-end dollar demand will keep rupee under pressure
The partially convertible rupee ended steady at 62.50/51 per dollar compared to its close on Monday
Dollar sale by banks helps rupee
Gains in the rupee tracked a rally in Indian shares as a drop in global crude prices after Iran clinched a nuclear deal with world powers
Could be under pressure later due to month-end dollar demand
The Q2 GDP data release this week shall provide further cues in terms of expectations from RBI monetary policy
For the week under review, Special Drawing Rights fell by $3.9 million to $4.4 billion
The Rs 15,000 crore bond auction is due later in the session
The rupee ended at 62.94, compared with Wednesday's close of 62.58 a dollar
Net NPAs as per cent of net advances for banks stood at 1.7% in FY13 as against 1.3% previous year
Lower stock purchases by FIIs and sustained dollar demand from importers had put pressure on rupee
Minutes from Feb showed policy makers were considering cutting its stimulus programme in coming months