The rupee gained 7 paise in trade as bond yields fell after the RBI announced measures to increase liquidity and reduce bond yields which have surged in the last few days.
The rupee was last trading at 63.19 against the dollar, as against a close of 63.26 on Tuesday.
The Reserve Bank late on Tuesday said that it would bring down the statutory liquidity ratio (SLR) securities in held to maturity (HTM) category from 25 per cent to 23 per cent for banks of their Net Demand and Time Liabilities (NDTL) in a progressive manner in a prescribed time frame.
It also announced purchases of government bonds to the tune of Rs 8,000 crores in a move aimed at increasing liquidity in the banking system.
Though this does not have a direct bearing on the rupee, it indirectly cooled off bonds prices and helped support the rupee.
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