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RBI announces fresh steps to tackle rupee volatility – Markets fall

This article was posted on Jul 15, 2013 and is filed under Press Releases

MUMBAI: In a move to stem the continuing fall of rupee, the RBI tonight came out with a slew of measures including hiking the lending rates for banks and sucking up of Rs 12,000 crore, to make the currency dearer.

The measures came after high level meetings between the Prime Minister and the Finance Minister followed by discussions with RBI Governor D Subbarao who was called here today as the rupee lost 33 paise to reach 59.89 after touching over 61-levels last week.

Under the measures announced, RBI raised lending rates to commercial banks 2 per cent to 10.25 per cent making the loans costlier.

source: Economic Times

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