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This is an archive article published on June 11, 1999
US move boosts rupee against dollar
MUMBAI, JUNE 10: The rupee staged a smart recovery against the US greenback and strengthened by 6 paise to 43.00/01 as the amendment pass...
June 11, 1999 12:00 AM IST
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MUMBAI, JUNE 10: The rupee staged a smart recovery against the US greenback and strengthened by 6 paise to 43.00/01 as the amendment passed by the US senate for suspending all the economic sanctions for five years boosted the sentiment at the interbank foreign exchange forex market today.
Meanwhile, the Reserve Bank of India today clarified that it has no intention to weaken the rupee and the interpretation of the recent comment made by the deputy govenor Jagdish Capoor 8220;is without any basis or foundation whatsoever.8221;
The RBI in a statement said the comments by the deputy governor at Basle in Switzerland on Monday with relation to the rupee were misinterpreted by the media. Speaking to reporters here last night, Capoor said at Basle when asked by a foreign news agency as to what level they were targeting the rupee at in relation to the dollar his reply was they were not fixing any targets and the exchange rate would be determined by market forces.
8220;My statement was misinterpreted to mean that the markets could fix the rate at whatever level they wanted,8221; Capoor said. The agency8217;s interpretation of his comments resulted in the rupee hitting a low of 43.03 against the dollar on Monday.
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