Increased selling of the US currency by banks after RBI introduced new measures helped the Indian rupee gain 31 Paise to trade at 60.57 against the dollar. The Reserve Bank of India announced that it will sell government bonds worth Rs 22000 crore every Monday to check the volatility in the market.
People who have long positions on the dollar may take a hit due to Reserve Bank of India measures as liquidity is now expected to go out of the system soon said some analysts.
The rupee had gained 42 paise to close as 60.88 against the US Dollar in the previous period on Thursday after RBI measures. The forex market was closed on Friday for Eid-ul-Fitr.
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