Rupee not volatile, to remain range bound: Mayaram

Tags: News
With the rupee touching 11-month high against the US dollar, Finance Secretary Arvind Mayaram today said the domestic currency is not volatile and would remain range bound.

"Rupee will be range bound... It will neither become very strong nor weak, which is the strength of the rupee," Mayaram told reporters.

The currency is not volatile, he added.

Mayaram said several companies that have taken forward positions will square that off, and "therefore" the rupee will remain range bound.

Extending its rising streak for the fourth straight session, the rupee closed the day at 58.59 per dollar - up 20 paise. It had jumped 32 paise to trade at a fresh 11-month high of 58.47 in the early trade on sustained foreign capital inflows following the BJP-led NDA sweeping the Lok Sabha elections.

Global credit rating agency Moody's said the election results will have the immediate effect of sustaining investor sentiment, which has also recently boosted India's equity indices and the rupee.

EDITORIAL OF THE DAY

  • It’s time to shift sugarcane production to water abundant states of eastern India

    During the 10 years of UPA rule, the country was able to come out of the so-called sugar cycle — two years of surplus followed by two years of defic

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Simon J Evenett

VW scandal has lessons for Make in India

In recent years, when it comes to widespread corporate wrongdoing, ...

Zehra Naqvi

Do you seek peace or conflict?

The pursuit of peace se­ems to be one of the ...

Dharmendra Khandal

So, how do we define a 'vermin'?

These days there’s an ongoing debate whether to declare various ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture