Rupee gives up most losses as foreign banks sell dollars
Sep 17 2013
Dealers also cite hopes of good inflows related to banks bringing in dollar deposits from overseas Indians.
Foreign banks are offering upfront financing for wealthy non-resident Indians (NRIs) of 90 percent to set up dollar deposits in India following various RBI incentives, including cheap dollar/rupee swap rates and more relaxed terms on 3-5 year dollar deposits, private banking sources told Reuters.
The dollar edged lower on Tuesday, but traded in a tight range before a two-day U.S. Federal Reserve meeting which is expected to result in a scaling back of its monetary stimulus.