Exporters to switch half of $ holdings to R: RBI

For the third time in less than a week, the Reserve Bank of India (RBI) intervened to shore up the rupee and asked exporters to convert half of their export earners’ foreign currency (EEFC) account balance into domestic currency. Market participants said the rupee, which closed 42 paise or 1.6% up against the dollar, could still come under pressure as structural issues continue to cloud the domestic economy.

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