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Re recovers after RBI intervenes

The RBI raised the limit for online repatriation of export proceeds by over three-fold to $10,000

June 12, 2013 4:03 IST | India Infoline News Service
In order to capture the rupee slide, the Reserve Bank of India increased the limit for online repatriation of export proceeds to $10,000 from $3,000 and made it mandatory for units in special economic zones to repatriate full value of exports within 12 months.

Indian rupee recovered by 19 paise to 58.20 against the US dollar in early trade today at the Interbank Foreign Exchange market after RBI announced measures to tap the free-fall in rupee.

The rupee fell to 58.98 intra-day against dollar in yesterday's trade due to intense demand for the US currency, but ended 24 paise down at 58.39.

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