Govt announces steps to revive economic conditions

Jun 25, 2012 |

Agencies

mumbai

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India took a handful of measures to prop up the embattled rupee on Monday, including increasing the limit on foreign investment in government bonds by $5 billion to $20 billion, the RBI said.

Also, the RBI announced the ECB limit increased by USD 10 billion for financing new projects and refinancing of rupee loans.

The rupee rallied on Monday on hopes for government measures to halt a slump in the currency, which hit a record low on Friday, with traders saying action to boost long-term foreign investment would be the most effective step.

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