10 reasons why rupee has jumped to 64/dollar
The Indian rupee has witnessed a dramatic turnaround since Wednesday, when Raghuram Rajan took over as the new governor of the Reserve Bank. The rupee has gained over 6 per cent in the last four sessions and is now trading close to the 64 per dollar mark. A Reuters poll last week showed that the rupee is seen bottoming out to around 66 to the dollar in one month. Here are 10 reasons for what looks like a short term turnaround: Rajan's announcements have helped sentiments: His appointment has sparked badly-needed optimism among investors, analysts say. Gaurav Kapoor of RBS told NDTV that Dr Rajan has changed the thinking that central bank has a hands off approach to the rupee. New announcements are credible: Dr Rajan unveiled a slew of proposals to support the rupee and open up markets on Wednesday. The biggest among them was a swap window to banks for new foreign currency nonresident (B) dollar funds, which is ex...