The value of the rupee against the US dollar continued to appreciate today (08), and the buying price and selling price of a dollar remain at a value between 313 and 323 rupees.
With the gradual stabilization of the country’s foreign reserves, the Central Bank has gradually relaxed the guidelines given to commercial banks in relation to the rupee.
The Central Bank, through its exchange guidelines, gave a median value for the rupee and gave instructions until last week to maintain a price range. However, on July 7, it completely removed that guidance and allowed the value of the rupee to float freely. Accordingly, the value of a US dollar stood between 313 and 323 rupees in respect of buying and selling prices.
During the early part of trading, it stood at Rs 320 and Rs 318.75 levels, and after the first hour of trading, the rupee settled at Rs 313.00 and $319 against the dollar.
Private borrowing has been discouraged after the country raised interest rates, and under an IMF program, the rupee’s net international reserve target will stabilize at previous levels, market analysts said.
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